Make the Most of Your Home Improvements

Are you looking to make a big investment in your home? There a quite a few factors to keep in mind as you consider the home improvement process. To begin, choose the right projects for your home. There are a few things to consider here.

Improvements Based on Returns On Investment

Design your home improvement projects with resale in mind. Minor changes often earn you more bang for your buck than major changes meaning that you will get more out of smaller changes like repainting, refinishing countertops, and upgrading old appliances to be modern and energy-efficient than you will from completely restructuring your home design.

Remember to keep in mind what’s best for your home. A grand foyer won’t make sense in a modest split-level nor does adding a swimming pool when you aren’t committed to maintaining it.

Major Renovation Tips

If you do go with a major renovation, keep this in mind: don’t price yourself out of the neighborhood. The renovations that you make should keep your home value in line with other homes in your neighborhood. If your home is valued at $300,000 in a neighborhood of $200,000 homes, you won’t reap the rewards of your investment.

Instead, keep your eye on regional design trends and the real estate market, and speak to a realtor before you proceed with major home renovations. Whatever designs you opt for, choose quality materials and designs that add character and maintain the integrity of the house.

Painting

When Small Projects are Better

Now that we have covered what won’t add value to your home, let’s take a look at what will. Kitchens and bathrooms are the rooms in which you will see the biggest return on your investment. This makes sense considering that these rooms are where homeowners spend most of their time. Check out HGTV.com to learn how you can upgrade your kitchen and bathroom to create an investment in your house. For other excellent investment ideas, take a look below:

  • Siding replacement
  • A new roof
  • A new garage door
  • Window replacement
  • Extra space in a new bathroom, additional rooms, or newly finished a basement

With the right preparation and design plan, home improvements can be an excellent way to invest your money. TopLine Federal Credit Union offers home equity lines of credit or loans that can help finance the home renovation and redesign projects of your dreams.

 

Visit TopLine Federal Credit Union to learn about the flexible terms of our home equity line.

The Many Benefits of Home Equity Loans

Are you facing a major lifestyle change, but are unsure of how to finance it? Obtaining a home equity loan might be the right answer for your finances. A home-equity loan, also known as a second mortgage, allows responsible homeowners to borrow money by leveraging the equity in their homes. Home equity loans are fixed-rate loans set at a lower interest rate than other lines of credit.

dollars-31085_640There are many benefits of a home equity loan that can help you secure financial assistance. Lower interest rates are an excellent draw for many homeowners. Home equity loans have lower interest rates compared to credit card annual percentage rates (APRs), and because a home equity loan is secured by the collateral of your home, lenders are more confident in a borrower’s ability to pay back debt. Borrowers benefit from this confidence with lower rates.

Borrowers can also benefit from a cash payment. Home equity loans, unlike other lines of credit, provide a lump sum of cash based on the amount of equity in your home, allowing you to pay off major expenses with one check.

Obtaining a home equity loan is an excellent option for certain and specific situations. If you are considering how to finance home improvement and renovations, a home equity loan can help you reinvest in your home and property value. Make the most of a smart investment by researching home property values in your area and making market-savvy options.

calculator-1276066_640An additional benefit of a home equity loan comes in the form of a potential tax deduction. With the consultation of a tax advisor, 100% of your home equity loan interest payments may be tax deductible. This can be a major advantage when comparing financial loan options, as 100% tax deduction may not be the case with credit card debt.

A home equity loan can simplify your finances and assist with debt consolidation. Home equity loans have fixed, lower interest rates and lower monthly payments. Additionally, a fixed rate will mean that you know exactly what you pay each month with no variation or surprises.

In the situation of a major life event or expense, such as a wedding or an unexpected medical expense, a home equity loan can help more than spreading such an expense over multiple credit cards or taking on private loans. While a home equity loan can be beneficial in certain situations, refrain from seeking a home equity loan on short-term expenses and property resales. In these situations, there will be better financing options at lower interest rates.

Twins Tickets Drawing

TopLine Federal Credit Union is sponsoring a sweepstakes in which you can enter for a chance to win a pair of Twins tickets valued at $191. Score a home equity loan or home equity line of credit and possibly a set of tickets to see the Twins in action! For more information, visit our website to see the Official Rules.

With so many options for financial assistance, let TopLine Federal Credit Union help pick an option that works best for your family to help you meet your financial goals, simplify your debt, and reach your ideal lifestyle. Apply online, or contact a friendly TopLine representative to get started!