How to Use a Home Equity Loan for Improvements on Your Home. In the midst of this crazy real estate market, most homeowners are at least thinking about buying, selling, or perhaps improving their home. If you’ve been in your home for a while and there are a few areas that could use some improvement, one option is to take out a home equity loan.
Home equity loans, when done properly, can be used to fix up things around the house and hopefully increase your home’s resale value. And while a home equity loan isn’t your only option, home improvement projects and renovations are almost always a win-win situation. Not only do you get to enjoy a nice, more customized living space, but it’s likely that the value of your home will go up and sell faster when the time comes. Here are a few ideas for home improvement projects to take care of around the house.
Fix Your Roof
Did you know that most roofs don’t last the entire lifetime of the roofing material? You may not often think of the roof over your head, but if you’re not sure when it was last replaced, it may be time to at least go up and check. Inspecting your roof annually is a good idea. Even small cracks or tears can quickly become bigger during an unusually bad storm and need repairs. And if you do replace your roof you’ll know that you likely won’t need to again for a long time, since most roofs last at least 15 years on average.
Enhance the Curb Appeal
Think about the exterior of your home, and its aesthetic appeal. Chances are that if you haven’t done any updating to the outside of your house in quite a bit, it probably needs a little attention. New siding, a fresh coat of pain, and filling small cracks and chips may be a good option for enhancing your curb appeal. But even if you don’t want to put a lot of money into your home’s exterior and take out a loan, there are still quite a number of quick and small fixes that you can make, like updating your address number fixtures or painting the trimming on your home.
Make it More Accessible
If you’re doing some home improvement projects, why not use the time to make your home more accessible? This can be a great idea especially for those nearing retirement. Fixtures like tub-shower combos, steps stairs, or even storage space located in a basement or attic may be areas to target.
If you’re editing your space for increased accessibility, it may be helpful to first contact a third party for a consultation, such as a contractor specializing in the area or even a disability resource center. Having a fresh set of eyes evaluate your space can go a long way in helping you determine what changes you may actually need.
Create a Patio Area
Creating a patio or outside space is almost always a good way to spend home improvement funds. Patios and outside space almost always increase your home’s resale value, and may even help it to be sold quicker. Patios are also great for entertaining, plus they give you an opportunity to take it easy while enjoying the outdoors. There are many different materials that you can use to lay a patio. One option is concrete. Using concrete is usually cheaper than a hardscaping project in your backyard. Concrete isn’t your only option, however. Stonework and wood are also beautiful options for creating a liveable outside space, though generally more expensive.
Remodel Your Kitchen
This is a popular way of how to use a home equity loan for improvements. Similar to creating a patio area, it’s hard to go wrong with remodeling your kitchen. It almost always increases resale value, and will give you the opportunity to customize your space to your needs. If you’re close to retirement age, one thing to consider is remodeling your kitchen with accessibility in mind. This can be good planning down the line, plus you can also make changes that will actually work better for your current situation.
Remodel Your Bathroom
Remodeling your bathroom is always a favorite idea of bloggers and customers alike. One reason that bathroom remodeling is so popular is because it is so versatile. Remodeling of any kind can easily get expensive, but the nice thing about remodeling a bathroom is that it doesn’t have to be. Since bathrooms are a relatively small space, the renovation is by nature contained and the parameters are set up for you. Try retiling the shower for a more updated look, adding a fresh coat of paint, or even installing a new eco-friendly toilet.
Upgrade the Garage Door
Here’s something you don’t think about everyday: remodeling your garage door. There are a few reasons to remodel your garage door. First garage doors do wear out and break somewhat often, so it’s likely that you’ll have to think about it at some point anyway. But a new garage door can also help to create a pleasing home aesthetic. Try adding a door with windows at the top, or different textures or styles. And you don’t have to entirely replace the door, either. A fresh coat of paint can do wonders!
Add Storage Space
It’s no secret that Americans have a problem with clutter, and some of the national statistics on clutter can really blow your mind. But one answer for clutter is more storage space within the home. Older homes especially have a dearth of storage spots; smaller closets and less bedrooms add up to decreased space for all your household goods. If you’re remodeling your home, adding storage space is a good idea. Even if you’re not currently using the space yourself, it may make the home attractive to future buyers. Another plus of adding storage space is that you’re usually adding small spaces, not a huge renovation project. Trying working in extra closets or cabinets, or adding wall shelves.
Once your home equity loan has been approved you’re free to start your home improvement projects. But without a concrete list in hand it can be a bit difficult to know which area to tackle first. Spend a little time doing the research and get your creative juices flowing, and soon enough you’ll have some good direction to aim for. We hope you you found our tips helpful on How to Use a Home Equity Loan for Improvements on Your. Home
Read this next: How to Protect Your Assets for Future Generations
