Princeton Town Topics – Let’s Talk Real Estate – September 11, 2013
HOME IMPROVEMENT FINANCING
When it’s time to upgrade your home, there are several different financing options available – from store credit programs to home equity loans.
Sometimes you can get great deals from your local home improvement store and it’s worth checking them out. Just don’t be swayed by sales hype, and do in-depth comparison shopping first. If you have some equity in your home (your property is worth more than the mortgage owed), you can apply for a Home Equity Line of Credit (HELOC) that provides you with access to money in as-needed installments. Repayment is flexible and the interest is tax deductible. If you prefer a fixed interest rate, then a Home Equity Loan might better suit your needs. You receive your money in one lump sum to be repaid over several years, so it’s best to use the money for long-term impact projects, like a new roof.
Before you improve your home, talk to your Realtor about what projects will give you the best resale value.
