Use Equity to Spruce Up Your Home This Season
Source: Informa Research Services
(11/05/2020) For those homeowners who have built a significant amount of equity in their home, this may be a good time to consider using a home
equity loan to fund minor home improvement projects to prepare their home for the holidays. The national average rate on a home
equity line of credit (HELOC) currently resides at 4.89%. This rate has stayed consistently low six and twelve months ago, as it averaged 4.95% and 4.97%, respectively.
Informa Research Services suggests a few ways to put your home
equity to good use this season:
Repair your roof. In preparation for rough winter weather in the coming months, this may be a good time to fix leaks or have any other damage to your roof repaired.
Fix your fireplace. In addition to creating a comfortable setting to entertain your family and friends, having a safe, working fireplace and chimney can potentially increase the value of your home. Be sure to find a reputable inspector and mason to work on your fireplace.
Consolidate your debt. The holiday season can also be the season of debt, and many use their home equity to consolidate their debt. However, be aware that even though your balance may be collecting less interest, it still needs to be paid off and interest is still being charged. This is not a permanent fix, but it can help some consumers get caught up on their payments.
By using your home equity wisely, your home can treat you to a less stressful holiday season!
