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Using a HELOC to Update Your Home's Exterior
What You'll Learn: Exterior home improvements and options for financing them
EXPECTED READ TIME:3 minutes
August 11, 2023
Using a HELOC to Update Your Home’s Exterior
When it comes to updating your home's exterior, financing options like home equity loans and home equity lines of credit (HELOCs) can provide the necessary funds to transform your property. In this article, we'll explore how a HELOC can help you revitalize your home's exterior with projects such as fresh paint, roof improvements, driveway and walkway enhancements, outdoor kitchen installations, and landscaping upgrades. Let's dive in and discover how a HELOC can turn your exterior dreams into a reality.
Basics: roof, driveway, and walkways
A well-maintained roof is essential for both aesthetics and functionality. If your roof needs repairs or replacement, a home equity loan or a HELOC can help. Consider the longevity and durability of roofing materials and hire professionals to ensure proper installation. With regular inspections and necessary repairs, your roof can last for decades.
One of the easiest and most impactful ways to update your home's exterior is with a fresh coat of paint. Sounds simple, right? Not so fast. Depending on your home’s size and the weatherproofing needs of your location, a paint job that pops can come with a hefty bill. Whether you hire professionals or try the DIY route, always remember to choose colors that complement your home's style and boost its curb appeal. Repainting every 5 to 10 years keeps your home looking fresh and protected from the elements.
Upgrading your driveway and walkway enhances the functionality and visual appeal of your home's exterior. Even more important, it safeguards against trip-and-fall hazards for your family members and guests. If it’s been a while and your driveway or sidewalk are beyond a simple patch here and there, contractors will typically recommend a complete redo; consider options such as concrete, asphalt, or pavers for their durability and aesthetics. Regular maintenance, including sealing or patching, is recommended to prolong their lifespan (about 10 years).
Elevate your outdoor entertainment
An outdoor kitchen is a fantastic addition for enhancing your home's exterior entertainment capabilities. Investing in high-quality appliances, countertops, and storage solutions can create a functional and inviting space for outdoor cooking and dining – and may increase the value of your home, giving this nice-to-have a nice return on your investment.
Enhance curb appeal
Upgrade your landscaping to create a stunning outdoor oasis with projects such as planting trees, shrubs, and flowers, installing hardscaping elements, and implementing irrigation systems. Hiring professional landscapers ensures proper design and installation. Regular maintenance, including pruning and fertilizing, keeps your landscape flourishing.
Plan your budget
To ensure you can comfortably manage the costs of exterior upgrades, many homeowners opt for a home equity line of credit (HELOC) or home equity loan. One good first step in planning your budget is a HELOC payment calculator. This tool helps you understand the monthly payment amount based on the loan amount, interest rate, and term. It allows you to plan your budget accordingly and make informed decisions about your exterior improvement project.
Financing your improvements
Before making your final financing decisions, you may want to compare home equity loan rates and HELOC rates. Research financial institutions and lenders to find the most favorable terms and interest rates. Check out online resources like a home equity loan calculator or a HELOC calculator to estimate monthly payments and determine the affordability of your chosen loan. In addition, many home improvements are tax deductible and interest on HELOCs come with certain tax benefits, too. Talk to your lender about your specific plans.
With a HELOC or a home equity loan, you can transform your home's exterior into a stunning showcase. Whether it's fresh paint, roof improvements, driveway and walkway enhancements, outdoor kitchen installations, or landscaping upgrades, financing options are available to make your dreams a reality. Explore the various loan options, compare rates, and utilize online calculators to plan your budget.
