Southeastern Massachusetts homeowners are always looking for new ways to increase the value of their homes by performing repairs, ongoing maintenance, and upgrades, as needed, to keep up with the local market. One way to finance this type of work is to obtain credit union loans through St Anne Credit Union in New Bedford. A credit union home loan can be used for a number of reasons, providing homeowners with a way to use the equity value of their home to their advantage. A New Bedford HELOC loan or Home Equity Line of Credit is designed to help homeowners use and reuse funds with a lower interest rate and access to possible tax-deductible savings on home improvement and renovation projects.
What is a HELOC Loan?
A Home Equity Line of Credit or HELOC loan is very similar to a credit card. This is why homeowners can use and then reuse the funds after they pay it down. The funds come from accessing the built-up equity in your home so you can use it to do anything from remodeling your kitchen to adding on a new bedroom. Home improvement and remodeling is by far the most common use of a New Bedford HELOC loan. Homeowners use this equity to help them increase the value of their real estate property for the future. Whether your goal is to remodel and sell within the next year or if you are planning a long life at your current address, the possibilities with this type of credit union home loan are endless.
Improving the curb appeal of your home can yield an instant increase in the value of your property. The outdoor aesthetics of your home, yard, and other elements are what people see first when they drive by or arrive to consider your house for purchase. Depending on what needs to be done, improvements in this area can be made for less than $500, providing a pop of color to neglected flower beds or a good trim to mature trees. Other projects can include replacing a worn cement walkway with a beautiful brick or paver project, enhancing a porch, stoop or patio space, or even replacing your front door with a top quality version. On the higher end of the spectrum, a brand new roof or painting the exterior of your home are other options that many homeowners choose to complete with credit union loans and HELOC opportunities at St Anne Credit Union in New Bedford.
By far the number one favorite type of project for most homeowners is remodeling, renovating, updating or upgrading the kitchen. However you slice it, keeping your kitchen up-to-date with the latest cabinet, color, lighting, fixture, and appliance trends pays off big time. A kitchen remodel is arguably the most expensive type of remodeling project in your home, costing upwards of $15,000 for even a basic home improvement project. New appliances, new or resurfaced cabinets, modern countertop materials, and upgraded flooring are just some of the options that homeowners consider. Work with a licensed, insured, and reputable contractor for best results, using your New Bedford HELOC loan to finance it all every step of the way. If you require major remodeling for any space in your home, speak with a representative about other types of credit union home loan opportunities that might be better suited to a more significant project.
Next to the kitchen, bathroom remodeling is at the top of the charts for many Massachusetts homeowners. If you don’t need to re-do the entire space, small updates and improvements will also make a big difference. Simply repainting the space, replacing the hardware on cabinets, upgrading the fixtures and faucets, and regrouting tile or reglazing the tub can make everything shiny, modern, and new. Many bathroom projects will cost you between $2500-5000, as long as you aren’t completely gutting out all of the elements. Even a brand new vanity and sink can be quite affordable, as long as you take your time shopping for the right materials. Whenever plumbing and electrical work are being done, take care and consider hiring a contractor to make sure that all work is approved and done up to local code.
Get a New Bedford HELOC Loan Today!
Call or stop by St Anne Credit Union in New Bedford to find out if you qualify for a New Bedford HELOC loan or other types of credit union loans that you can use for a home remodeling project. As a member of our credit union in New Bedford, we can help you find the best possible options for remodeling, renovating, or simply updating the look and function of your home. Call today at 508-993-0011 and speak with one of our agents about getting a credit union home loan that is right for you.