Add Value to Your Home with a HELOC

Posted by Gary Hall on Dec 15, 2017 4:04:00 PM
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pexels-photo-259597.jpegWhen it comes to making changes or doing upgrades to renovate your home, the best type of remodeling or renovation projects should be chosen because they add value to your home. Home improvement projects are a great way to boost the value of your home without having to spend a lot of cash. It is important to review your options and figure out the project that will provide you with the most value.  ChoiceOne Bank can guide you. We can help with your financing through a home equity line of credit.

There are popular items to increase the value and price of your home, when you decide to renovate. These include:

Kitchen: When most homeowners think about the room that they would like to renovate, their first thought is the kitchen. It is important to do it right. A kitchen project can cost thousands of dollars, but the pay-off can be significant. Recent studies show that for every dollar you spend on a kitchen remodel, you could recoup as much as 75-cents, or a 75 percent return on investment.  It is much higher than many other popular renovations that homeowners do every day.

So what if you don’t have the finances to upgrade your kitchen, but you know that you will need to make some changes if you ever want to sell your home.  A home equity line of credit through ChoiceOne Bank may be the answer.

Patios and Decks: More and more the most popular home upgrade right now is to renovate your home’s outdoor living area. It’s cheaper than adding a room and more versatile than simply sprucing up a kitchen or basement recreation area. Expand and renovate your living space to the great outdoors, allowing all homeowners and prospective homeowners to appreciate it. Consider a home equity line of credit to finance the cost. Studies show that the return value for adding a brand new wood deck or patio is at 77 percent – even higher than a kitchen remodel. The best residential wooden deck projects are created to be an extension of your current living space.

Bathroom: A popular way to add value is with some creative remodeling efforts to renovate your bathroom. There are so many new features and methods being used to create a unique bathroom experience, while providing all of the high-tech comforts that many home buyers are looking for these days. A ChoiceOne home equity line of credit can help you swap out those tired, stained or colored fixtures for brand new modern sinks, tubs, showers and toilets.

Cheaper upgrades can also boost your home’s value, such as replacing basic lighting fixtures, faucets, mirrors and hardware. These jobs can be done a little at a time. Just make sure that the upgrades you are doing will truly add value to your home.

Speak with ChoiceOne Bank’s loan officers to find out more about our home equity line of credit loan options available to assist in your efforts to renovate and add value.

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Topics: HELOC