Empower Your Creativity: Take the Leap Toward Personalizing Your Space
Published on 9/30/2022
Consider Where to Renovate
According to HomeAdvisor's 2021 True Cost Report, bathroom remodels were the second most popular home renovation last year completed by 31% of households and averaging a cost of roughly $13,000 in total. Not only does this project rank high in popularity, but it can completely change the atmosphere. Whether the homeowner is attempting to modernize their space or add a touch of warmth, a bathroom remodel can truly enhance the home.
Another popular renovation lies in what many would consider the heart of the home. Kitchen renovations only sit sixth in popularity according to HomeAdvisor's 2021 True Cost Report. However, Remodeling's 2021 Cost vs. Value Report claims that a minor kitchen remodel can recoup 72.2% of their cost in home value. Therefore, this renovation option is twofold. It presents homeowners with an upgraded space and offers future benefits if they should choose to sell down the road.
Consider a HELOC
Once you make the decision of where in your home you'd like to renovate, it's time to start considering financial options. A home equity line of credit allows homeowners to create that dream kitchen or build a backyard deck all with the bonus of spending flexibility. When remodeling a home, the cost of resources can often vary. Making an initial plan before beginning a home project is helpful to stay on track, but there can be curveballs that require a little extra cash. It is also possible that homeowners may overestimate the cost of the project as well. Having a home equity line of credit (HELOC) makes these unknowns more bearable. Homeowners can use as much or as little money as they need and only pay back what they use. At Orlando Credit Union, we offer Interest-Only HELOCs that provide the benefits of a standard HELOC along with the advantage of interest-only payments for 10 years.
Consider a Home Equity Loan
Another option to consider is a Home Equity Loan. Orlando Credit Union offers terms available from 5 to 15 years, low fixed rates, and the option to borrow up to 80% of your home's value including existing mortgages. Plus, with our Wow! Rewards points program, you can earn 1 point per $1,000 in average daily loan balances for qualifying loans each month. To find out more about the many options available with Orlando Credit Union, visit the 'Loans & Credit Cards' tab on our website.