Have you paid down a decent amount of your mortgage in the last year? Have the recent months inspired the idea for a remodel? If so, you may have a fair amount you can pull from home equity, even if you don’t have a private equity fund. There are plenty of ways to leverage your equity for some home improvements at an affordable price.
Whether you’re a homeowner that needs a kitchen makeover or you’re thinking long-term about your house’s resale value, using your equity for a remodel could be a very smart move.
Update the kitchen cabinets.
In many homes, your kitchen cabinets tend to get neglected over other features. Some homeowners are drawn to older, solid wood cabinets and drawers. Some don’t want to shell out for custom cabinets but also don’t like the stock cabinets you can find at home improvement stores. A handful even needs new kitchen cabinets but don’t want to hassle with cabinet installers. No matter your preferred cabinet style, whether it’s plywood or solid wood, there are ways to update your kitchen so the cabinets match your appliances and complement your home’s design.
A good idea is to go with semi-custom cabinets. This way, you can get that new-cabinet feel without shelling out for custom cabinets or settling on stock cabinets. Choose colors and finishes that will go well with your appliances and floor. You don’t even need premium features for your new cabinets as long as they are robust and sturdy. You can use stores like the Home Depot when picking base cabinets or a wall cabinet and then take the concepts you like to a company that can recreate that cabinet style without cutting corners. Ditch the basic kitchen and think of the ways your new cabinets can increase your home’s value. If you like them enough, you can even bring them into your bathroom for a unified look throughout the house.
Touch up the bathrooms.
Speaking of bathrooms, aside from kitchen design, bathrooms can greatly increase resale value. Senior Advisor and Chair of AIMCo Mark Wiseman knows the value of these updates for your home. A nice bathroom is one of the essentials and Mr. Wiseman says it’s a solid investment in the midst of the global financial crisis and stunted economic growth. Plus, while you’re already looking at kitchen cabinets, look for cabinets for the bathroom. From repainting to touching up the floor, there are plenty of ways to improve a restroom without borrowing from your pension fund.
Think about painting.
If you’re not ready to invest in a new wall cabinet and hate the idea of stock kitchen cabinets, it’s a great option to consider some painting. A fresh coat of paint can do wonders for modernizing your home and, though it can be expensive, your home equity can help. There are various organizations that mix and sell custom paints that are designed for interiors and durability. No more scuffing, scraping, or rapid wearing. If you’re thinking of repainting some of your home, you should break it down by rooms. If you try to do a bit of everything all over the house, it’ll take longer to see meaningful results and might lead to some painter’s fatigue. Instead, pick a room and stick to it until it’s done. It’s a smarter way to paint and you’ll see the fruits of your labor that much sooner.
Of course, there are dozens (if not hundreds) of other projects you can accomplish with your home equity. Just understand your mortgage lender’s economic policies and keep updated on financial news. Before you know it, your house will look better than ever.