Making a Home Equity Line of Credit Work for You
I recently received a newsletter from Bank of America which spoke about (HELOC) Home Equity Line of Credit and how it can help my clients. I thought I would pass on some of the most interesting points that were made.
A (HELOC) loan can help make renovating a home more affordable for clients who are interested in making upgrades to their property. This type of loan typically has lower interest rates and is often tax deductible. It also mentioned how just choosing one of these three improvement projects below might help to increase the long term value of your home.
1. If you can only afford to remodel one room of your home, the best bet would be the kitchen. Although the cost can vary depending on work, it seemed to have the highest return.
2. Making your home “everyone friendly” is the new universal design that incorporates features to modernize a home and make it more functional for a variety of buyers. For instance a universally designed bathroom might give a 60% return when selling your home.
3. Boosting your curb appeal is a great investment since it makes potential buyers want to come inside. Whether it is just new doors and siding, it can generate a higher return than other improvements that could be done on a homes interior.
To read more about home improvement value go to Remodeling Magazine’s 2017 Cost vs Value Report or click here.