Use Your Equity to Upgrade Your Home

Create the Ultimate Staycation

Upgrading your home is a great way to put your home equity to work in the form of a home equity loan or line of credit (HEL or HELOC).

Home equity is basically the difference between how much your home is currently worth and how much you owe on your mortgage. You work hard for your home, but a HELOC makes your home work for you.

As you’ve spent more and more time in your home, you might have found some room for improvement. Upgrading your home in the fall means that you can enjoy the results all winter long.

Here are a few ideas for upgrades you can make: 

New Cabinets

If your cabinets are falling apart, why should you continue to wrestle with them? Tear them out and enjoy bright, modern cabinetry! If your cabinets are in good shape but the finish is outdated, sand and re-stain them or paint them in on-trend colors. If you want a change but don’t know where to start, you can find inspiration on Pinterest and YouTube.

Backyard Oasis

Nothing brings out the need for a staycation more than a global pandemic. But creating the ultimate staycation now means low-cost relaxation for years to come! In fact, you can make your backyard an oasis of your very own with a few easy upgrades.

• If you love a chilly autumn evening, design your own backyard campsite complete with a permanent fire pit and ample seating.
• If you’re simply trying to survive until summer, finally install that brand-new pool! Since the ground isn’t frozen yet, you might have time to get some work done so it’s ready to go next summer.

A hot tub can be used all year with the proper maintenance. Any local pool and spa company can help you get started. A hot tub can last anywhere from 5 to 20 years or more. Cheaper hot tubs made with lower quality materials won’t last as long. If those hot tubs are not well maintained, they might not even last more than 5 years.

Curb Appeal

Curb appeal is simply how appealing your home looks on the outside. Boosting your home’s curb appeal not only adds charm to your home, but it also adds value to your property. When you consider the best home improvements you can make, don’t overlook the outside of your home. A fabulous exterior sets the stage for what’s inside.

Whether your exterior improvements are from the top down or the bottom up, these upgrades will add value to your property:

1. New siding, windows, or roof for the house.
   If the house needs more than a new coat of paint, replace the siding. Make sure your windows are energy efficient and that the roof will last through all seasons.
2. Landscaping for instant appeal.
   Sod, plantings, and the all-important deck for outdoor living space all add to your property value. Some of these improvements can be started in the fall and finished up in the spring.

Click here for more ways to update your home.

Using your existing HELOC

The easiest way to use your HELOC is to log into digital banking and transfer money from your HELOC to your checking account! Don’t have a checking account? You’re missing out on cash rewards. Click here to learn more about Cashback Checking.

If you don’t want to earn cash with Cashback Checking, visit your nearest Centra location. A Team Member can help you withdraw money from your HELOC or help you get checks for it.

Applying for a HELOC

Your home is your biggest asset, so of course you want to protect it. If you don’t have a HELOC yet, click here to get started today! We can help you navigate through your questions during the process. You can do it, and we can help!