Using a Home Equity Line of Credit to Add Value to Your Home

home-improvementsWhen it comes to making changes or doing upgrades to your home, the best type of remodeling or renovation projects should be chosen because they add value to your home. With the current real estate market in constant fluctuation, 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, so this article will discuss three popular options for home improvement that can help you to increase the price of your home and tips for how your credit union in New Bedford can help.

Kitchen
When most homeowners think about the room that they would like to remodel most, they usually think of the kitchen. Unfortunately, with all the kitchen renovation nightmares out there, 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. That’s an over 75 percent return on investment, which is much higher than many other popular renovations that homeowners do each and 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 home to sell? A home equity line of credit through St Anne Credit Union in New Bedford might be just what you need to make it happen. Credit union members have access to many different lending options, including a credit union home loan, line of credit and more. Speak with one of our customer service agents when you visit your local branch or give us a call, to find out more about our full line of home loan options available for credit union members.

Outdoor Living
Whether you live in Southeastern Massachusetts or anywhere else across the nation, the most popular home upgrade right now is expanding the outdoor living area of your home. Cheaper than adding a room, more versatile than simply sprucing up a kitchen or basement recreation area, expanding your living space to the great outdoors is a renovation that all homeowners and prospective homeowners will appreciate. 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. That means for every dollar you invest into your new outdoor living space, as much as 77-cents could be recouped when you sell.

The best residential wooden deck projects are created to be an extension of your current living space. For example, if your friends and family typically hang out in the kitchen or in a family room area, your new deck should extend that space, providing more room for entertaining or simply hanging out together. Add special features, such as a built-in fire pit, garden beds, benches, a custom kitchen with natural stone kitchen counters and anything else that you think would be appropriate. Many covered or terraced decks are receiving upscale additions of flat panel televisions for sports or movie viewing, built-in stone fireplaces, propane gas grills, granite bars, eating areas and more, so the sky is the limit!

Bathroom
Another powerful way to add value to your home with a home equity line of credit and some creative remodeling efforts is to update the 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 credit union home loan can help you swap out those tired, stained or colored fixtures for brand new modern sinks, tubs, showers and toilets that will knock the socks off your prospective buyers. In fact, some homeowners have decided not to sell their homes after seeing the amazing results that can come simply from doing a makeover on their bathroom.

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, thanks to DIY tips all over the Internet. Just make sure that the upgrades you are doing will truly add value to your home. Changes that are deemed “too personal” in nature that might be seen as negative upgrades to a prospective buyer, such as making a brightly colored homage to the Boston Red Sox, are not recommended. Think neutral, modern, luxurious and classic. Home buyers need to be able to see themselves living in that space, so imagine the lack of interest that would be expressed by a New York Yankees or Los Angeles Dodgers fan when they see that bright red bathroom.

Where to Get a Home Equity Line of Credit in New Bedford
If you are a member of St Anne Credit Union in New Bedford, stop by our local branch to discuss options for a credit union home loan or home equity line of credit to help make your remodeling project come to life. Our agents can help you find the best deal for your budget, so you won’t go broke trying to add value to your home. To become a member of our local credit union in New Bedford, you only need to live or work in Plymouth or Bristol county. Stop by St Anne Credit Union today and see what we can do to help you make your money and your investments grow!