Found yourself fantasizing about all the ways you could “fix up” your home lately? You’re not alone.
Four out of 10 Floridians plan to make a major financial move this year, with 22% planning a home renovation project. This is no surprise considering how much time we’re all spending at home these days, and it’s actually a smart financial move since renovating your home can increase its value when you decide to sell it.
A Home Equity Line of Credit, or HELOC, establishes a line of credit for you to spend on home renovation expenses. Like a credit card, you get a set amount to borrow and pay back, with the flexibility to take out only what you need … as you need it.
A HELOC offers a convenient alternative to the traditional kind of home renovation financing where you would borrow a lump sum all at once. Whatever you’re planning to renovate – whether it’s your kitchen, your bathroom, or even your backyard – a HELOC can provide you with the financial flexibility you need to complete your next home renovation project.
Like all loans, there are pros and cons to a HELOC, so do your research beforehand to decide if this is the next logical step for you.
According to HomeAdvisor, home renovation costs an average of $46,836, with most falling between $18,253 and $76,175. These expenses can vary depending on the project, size of the space, and quality of materials, and having the flexibility that comes with a HELOC ensures you can cover all the costs needed to complete your next project.
HELOCS are particularly useful for home renovation financing because they’re flexible. You can draw from your HELOC as seldom or as often as you need to, which is ideal since home renovation costs often vary – unlike buying a new car, where the price is set.
HELOCs can come in handy for more than just home renovation financing. While most borrowers use a HELOC for home renovation projects, it can also be used for other expenses – emergency home repairs, debt consolidation, education expenses, wedding expenses, medical expenses, auto repairs, and more.
Home renovation projects can take time to complete (but are 100% worth it in the end!). With long repayment periods, HELOCs ensure that you have all the time you need to pay back your loan.
If you already know that a HELOC is the right move for you, you can apply with your banker at your local Seacoast Bank branch or online. If you’re still unsure, you can complete the form below to speak with a banker or give us a call at 800-706-9991. We’ll walk you through the specifics of the process so you can feel confident before moving forward.
Whether you decide to Love It or List It, Seacoast Bank has tools to help you! With affordable home mortgage and HELOC renovation financing options, Seacoast can help you take the next big step to making your house a home you really love.
Topics: Home Ownership
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