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Using your Home Equity Line of Credit for home renovations

Posted in Borrowing Money on April 15, 2020

Of the many uses of a home equity line of credit or HELOC, home renovations/home improvement is one of the most common uses. And now that you spend more time at home, you may have noticed that perhaps your family has outgrown your current space or it may be in need of updating. 

Before you watch, yet another, episode of “Love it or List it” on HGTV daydreaming about your new space and your 15 minutes of fame, consider the following possibilities that could help you fall in love again with the house you’re in.

Add living space

Any time you can add square footage, you add to the value of the house. So if you need more space, here are a couple of options. 

If you have an unfinished basement, perhaps it’s time to finish it. To add extra living space to a smaller home, consider enclosing the garage.

With a large yard, you may be able to add space to your home extending the back, front, or side of your home. If you decide to extend your home, be sure to check your city/county laws and ordinances for variances.

Also with a large yard, consider an outdoor living space by making your backyard an outdoor oasis. Living in the south, outdoor living spaces can be used at least nine months out of the year, and often more. Outdoor kitchens are also very popular, as cooking outdoors can help to keep the inside of your home easier to cool on hot days. 

Spruce up your existing space

Perhaps space isn’t the issue, but your home has become drab and stale over time. Redecorating or updating your existing space could help! Consider using HELOC funds to update your kitchen or bath. 

Simply repainting can also give your space a clean and new look. Changing out the hardware and/or lighting is another easy way to update the look without taking on a major renovation. Remember, even small changes can make a big impact.

Older homes often have more but smaller rooms and lack the open floorplans that are popular now. If you’re in an older home and looking to do something bolder, consider taking out a wall to open things up.

Go Solar

There have been reports that since we’ve all been “sheltering in place” our ecosystem has improved dramatically. If you want to continue to improve your carbon footprint, consider some things to make your home more environmentally friendly, such as going solar. The average cost to install solar panels on a home in Georgia is $12,743 to $13,986. With solar, not only do you save on electricity, but the homeowner may receive rebates that offset the cost as well.

These are just a few common renovations you can do, and if you need funds, a HELOC could be a good option. For more information about HELOCS and to apply online, click here to learn more.

Have you renovated your home? What kind of renovation and how did you fund the project? Leave your response in the comment section of the blog post.

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