The housing market has been volatile in recent years, with a hot market followed by rapid interest rate hikes. Limited availability has resulted in high housing prices values, causing a lot of people to stay put and love the walls they’re in. The good news is your home is likely worth much more than it used to be, and you can use your home’s equity to improve it with a home equity line of credit (HELOC), rather than draining your savings. A HELOC works like a credit card – you only borrow what you need, giving you access to funds when you need it. So, what upgrades add the most value and joy?
Kitchen backsplash
The kitchen is often the heart of the home, where everyone tends to congregate. While a full remodel could set you back tens of thousands, consider just a minor upgrade of the kitchen backsplash for a few hundred or a few thousand – depending on what you choose for materials. The updated backsplash could give your kitchen just the character it needs, and if you couple it with updated kitchen cabinets, you’ll be the envy of the neighborhood.
Add or enhance outdoor living space
A well-designed and thought-out outdoor living space will add value to your home. More importantly, things like decks, patios, gardens and fire pits provide additional space for you and your family to relax, enjoy time together and entertain guests. Not to mention, spending time outside in nature taking in fresh air and sunlight can boost your mental health. And don’t forget a key thing: outdoor lighting. Adding it will not only create wonderful ambiance and extend the time you can use the space, but you are also enhancing the safety and security of your property.
Create bonus space in the basement
Finishing a basement can be a costly upgrade, yet the extra room and value it will add to your home can very well be a big payoff. Whether you add some extra bedrooms, an entertaining space such as a family game room or a home office (or all of these), you’ll love the additional living space, and it will add a great deal to your home’s value, should you ever decide to sell.