A HELOC, or Home Equity Line of Credit, is a loan that allows you to borrow money against the equity in your home. It is a revolving credit line, where you can borrow, spend, and repay funds as you need. Many homeowners use a HELOC for home renovations, and for good reason.
A HELOC allows you to tackle home improvement projects that can not only ensure comfort but also increase the resale value of your property. Here are four wise ways to use HELOC:
- Upgrade Your Kitchen
One of the best ways to add value to your living space is upgrading the kitchen. You can use your AmeriSave HELOC to:
- Swap out inefficient or outdated lighting fixtures.
- Upgrade to energy-efficient appliances.
- Add a stylish backsplash.
- Repalce cabinet pulls and knobs.
- Upgrade to a durable and stylish countertop, such as granite.
- Add a fresh coat of paint.
- Upgrade the floor tiles.
Upgrading the kitchen can make it appear more cohesive. It can also enhance your cooking experience.
- Transform Your Bathroom
Bathroom surfaces and walls endure significant wear and tear. Here are some ways you can upgrade it:
- Paint the walls.
- Improve the ventilation system of the bathroom.
- Install new and low-cost lighting.
- Replace the flooring.
- Opt for vinyl flooring for a luxury yet affordable finish.
- Install a walk-in shower.
- Refresh the cabinets.
- Replace the countertops.
- Refurbish the hardware of the bathroom, including fixtures and doorknobs.
- Add modern amenities such as a new vanity or a portable toilet.
Pay special attention to the plumbing needs of your bathroom. Leaking pipes, dripping faucets, and clogged drains can cause damage to the floor and ceiling of your bathroom, leading to hefty repair bills. Get your bathroom inspected by a professional plumber and take the necessary steps to ensure longevity.
- Boost Curb Appeal
Revamping and renovating the exterior of your home can boost its value and improve the quality of your life. For instance, the front door is the focal point of your home. You can paint it or replace the hardware, such as the doorknobs, handles, and hinges, to make your space appear inviting.
Outdoor lighting is another excellent way to increase curb appeal. By Illuminating walkways, entryways, and driveways, you can make your outdoor space more luxurious. If you’re planning to sell your property, upgrade the outdoor lighting to attract potential buyers and earn a greater profit.
- Invest in Energy Efficiency Living Space
Energy-efficient upgrades can not only reduce your utility bills but also increase your home’s resale value. Use your HELOC for projects like:
- Solar panel installation
- Energy-efficient lighting
- Upgrade windows and insulation
- Replace your HVAC system with a higher efficiency energy model
- Seal air leaks
Conclusion
When used wisely, HELOC is a profitable tool for saving money and boosting property value. Kitchen upgrades, bathroom remodeling projects, and energy-efficient upgrades can attract potential buyers. Before starting, make sure the HELOC amount aligns with your needs. This will help you avoid any financial surprises in the future.
