Vantage Point

Is a Home Remodel on Your Horizon?

  • Categories: Loans

Inspiration is everywhere! With a flip of the television channel, you can catch a myriad of home remodeling shows. Many even boast the increase in property value that you can gain simply by remodeling a room or two. As you look around your own home, are there areas you want to tackle? Possibly, even more than one area?

How Do I Get Started?
First, you may want to ask the question: why are you interested in a home remodel? Is it simply because there is one area (or more than one) of your home that you’d like to improve? Or, are you looking to increase your property’s value in order to garner a higher sales price? You may even need to make changes out of necessity. Such as a new roof, furnace, etc.

The answer can shape the direction you take. A recent 2017 Cost vs. Value report from Remodeling magazine outlines how much you may expect to recoup for home remodeling projects. For example, exterior updates like new siding and stonework, minor kitchen renovations and new windows all gain some of the best returns.

However, you may simply be wanting to enjoy your home more. Have you always wanted to add a four-season room? Or maybe you want to add to your living space by finishing your basement. Deciding on which home remodeling project to tackle doesn’t have to focus around return on investment.

Should I DIY or Hire a Professional?
You’ve decided what you want to tackle. The next question is, can I do it myself or should I hire a professional? There are several questions you can ask yourself to help guide that decision.

How large is the remodel? Are you a DIY novice or renovation expert? Are permits required? Do you have a way to transport and store tools and materials? What is your timeline? Are you prepared for the unexpected discovery during renovation? Are you patient?

The answers to these questions can help you decide if you’re prepared to tackle the project yourself or if you need to enlist a professional.

Can I Afford This?
Alright. You have your project selected. You know who will be doing the work. Now the big question remains. How am I going to pay for renovations?

In a perfect world, you’d have available cash on hand to pay for your home remodel in full. While that may be an option for some, you may need to explore your financing options.

Did you know the equity you already have in your home could be one of your biggest assets? A home equity line-of-credit (HELOC) comes with unique benefits that you can’t get from other revolving lines of credit. You could borrow up to 100% of your home’s value (minus the first mortgage balance) and the interest payments may be tax deductible. Plus, there’s no annual fee and no closing costs.*

For smaller projects around the house, another alternative is a home improvement loan. This loan is an alternative to a HELOC or a Second Mortgage and can be used for home improvements up to $35,000. Whatever your needs, Vantage has an option to help you achieve your goals.

Put the equity you have in your home to work for you!

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* Except home appraisals, when needed.