It is known that physical activity can have positive, lasting effects on the body. But did you know that exercising a little bit of the equity in your home can also have beneficial, long-term results?
With spring only a couple of months away, a lot of people begin planning for home improvements that include anything from building a deck to repairing a roof. Like any project, you’ll have to put forth some money to get the results you want. When deciding on how to pay for your improvements, it will be worthwhile to see if utilizing a home equity loan will fit your needs.
There can be several advantages if you choose to use the equity built up in your house to pay for home projects. Unlike other loans, you may be able to deduct your home equity loan’s interest on your personal income taxes.* Home equity loans also tend to have lower interest rates than personal loans or credit cards. Using your home equity to create the space you want may even be cheaper than moving to a new residence.
Although you might be hesitant to use the equity in your home, it’s important to know that by taking a little bit out of your home, you may be putting a whole lot more back in. Certain improvements are known to increase a home’s value. Some top improvements that add value include updating your kitchen, creating a new space (ex. turning an attic into a bedroom), and installing a deck.
If you’re thinking about exercising your equity, click here for information on the various home equity products available to you.