Home Improvement Through a Home Equity Loan
Routine maintenance and inspection are vital for keeping homes efficient and safe. Periodic home examination, including appliances, may also spur ideas or expose the need for home improvements. Home enhancements range from simple tasks homeowners can take care of themselves, to larger overhauls.
Time and again homeowners do not have the resources readily available to take on extensive home improvements such as replacing the roof, windows or HVAC units. Home equity is often turned to for funding home improvement projects. According to the US Census Bureau’s Housing Survey about 50% of home equity loans are used to make home improvements
Investing in a home equity loan is an option many use to fund home improvements. Home owners borrow money against their home’s value and invest it back. Improvements tend to have a positive effect on a home’s value. When the home’s value increases, more equity is created.
In addition to increasing home value, improvements may also lower utility costs when high efficiency alternatives are installed (windows, HVAC). While not all homeowners are ready to make major improvements, there are various smaller home maintenance projects that should be tended to each season. These tasks are low cost and often times can be done by the homeowner.
With the seasons changing, now is a good time to tackle some simple home maintenance projects. By taking care of a few small details, homeowners can improve the durability of their home and appliances. Additionally, regular maintenance will help prepare the house for the changing climate so homeowners can save money.
Access some free tips on preparing your home for fall below.