Your home—live in it, love it, take care of it—and it will reward you so. You’ve invested countless hours of time and energy into perfecting it, thereby increasing the value in your home. This is the key to building equity.
Consider the following to maximize the value of your home. In order to receive the best bang for your buck, focus on improving the areas that will have the greatest remodel appeal: kitchen, basement, and home exterior. An updated kitchen and/or basement, in keeping with the rest of the home, can definitely increase value. As for the exterior, make sure the roof and HVAC are in good condition. These are two things buyers will inquire about as they are typically costly items. Landscaping should also be considered; if your property looks rough or run-down, you may immediately turn buyers away. Taking care of these areas will typically add the most to your home’s value and will make your living space more attractive both for potential buyers and visitors alike. Of course, your main focus should be on repairing any problem areas before moving on to the bigger renovations. Issues such as a damaged siding or drainage problems can seriously detract from a home’s value. Once these pesky matters are taken care of, move on to the high-return-on-investment projects.
With a home equity loan or line of credit, you can make these home improvements a reality. Alternatively, consolidate bills, pay college tuition, take a family vacation, or simply use it as a safety net—the possibilities are endless! Another bonus to securing a home equity loan or line of credit is that the interest paid on the loan is often tax-deductible for those who itemize deductions. Lafayette Federal offers Home Equity Loans and Lines of Credit up to $500,000 at great low rates. Visit www.lfcu.org/homeequity
for more information.
Vice President, Loan Origination