New Year, New Look for Your Home
Last week, the Fed announced that interest rates would remain low moving into the new year. For homeowners, this is great news for the start of 2020! If you own a home, now is the perfect time to consider refinancing, and if you’ve been eager to remodel, a cash-out refinance could potentially cover the cost of your home renovations.
Cash-out refinances, simply put, give you the freedom to use the equity you’ve built in your home however you choose. Home remodeling can oftentimes be a large expense for homeowners, so using the equity in your property to pay for renovations will make the process fun and exciting. Additionally, by improving your home, you’ll be adding even more value to it, which is an excellent way to reinvest the money you receive from your cash-out refinance.
Get the Best Bang for Your Buck
So where you should remodel to get the best bang for your buck? Typically, you’ll get the highest ROI on updating your kitchen, flooring, roofing and/or bathrooms. If your kitchen could use some updating, consider upgrading appliances, installing tile flooring, granite or quartz countertops, and adding a fresh coat of paint and a custom backsplash. These touches will make a huge difference in the appearance of your home, and will not only increase your quality of life while you live in your home, but will also do you favors if you choose to sell in the future.
The area potential homebuyers care most about is the kitchen, so if you have to choose only one room to remodel, it’s best to put your focus on the kitchen.
Cash-out refinances can put thousands of dollars in your pocket to remodel and reinvest in your property. If you would like to learn more about refinancing, speak to a trusted lender about your options. To find out about home remodeling costs, call a licensed contractor in your area and get a quote. Interest rates won’t stay low forever, so be sure to embrace this advantageous time and make smart money moves for your home.
To get started on a home remodel, contact the experts at Yourson Contracting!