Tapping Into Home Equity: 5 Home Improvement Projects

Anytime of year is the right time to complete a home remodel project that can not only brighten your home but also provide a good return on investment. Don’t think you have the money to embark on a pricy home improvement project? A home equity loan or HELOC (home equity line of credit) from your local credit union can be the solution to that problem. Here are some examples of home improvement projects that you can use the equity in your home to complete right now!


Kitchen improvement projects are top of almost everyone’s list. After all, we spend so much time in our kitchens. It’s the gathering place for the entire family and often the center when we entertain. There are so many things you can do to improve your kitchen space, from a complete gut and remodel to simply brightening it up with new windows, enhanced lighting or a splash of fresh paint. The sky is the limit when it comes to your kitchen. You can install an island, replace countertops, refinish or replace cabinets for added space and functionality or install tile flooring. You can even upgrade your appliances. Nearly any kitchen improvement project will enhance the look and feel of your home’s busiest space. Best of all, it can be accomplished with the help of a home equity loan.


Who of us doesn’t dream of a bathroom makeover. Ahhh, imagine the relaxation and luxury of soaking in your own very Jacuzzi tub. The spaciousness and water efficiency of a new shower may be more your thing. Bathroom remodels are always a popular choice for home improvement.


Upgrading to energy efficient appliances is an investment worth making. This added energy efficiency is an excellent use of a home equity line of credit, which enables you to pay as you replace things. Replacing low-efficiency furnaces, water heaters and other appliances can help you reduce your monthly energy costs as well. It doesn’t get better than that!


Nothing can brighten up a room like a new coat of paint. It’s a cost-effective way to give your home a whole new look. Painting the interior of your home is a perfect project for the winter months. Certain colors can even brighten your mood or help to calm or relax you. If you’re painting more than one room, you’ll want to be sure the colors compliment each other. Keep all of this in mind when selecting paint colors.


If your carpeting, furniture or window treatments have started looking shabby, it may be time to replace them. What you do depends on your budget. You can focus heavily on a room or two or give your whole house interior a mini makeover and make it a bit more cohesive. You can accomplish large projects, such as refinishing hardwood floors, replacing worn carpeting or buying new living room furniture. Did you realize that something such as updating your flooring can change the look of your home dramatically? If your budget is not that large, you can opt to finish several smaller projects. This can include updates such as replacing old wall art, incorporating some contemporary lighting or updating your bedroom with beautiful new bedding.  Take a good look at older items, such as that old colorful sofa and decide if they still fit the overall look and feel of your home. Getting rid of older pieces can also help give your home a new look. 

As contemplate possible home renovation projects, remember that a home equity loan or HELOC can help give your budget the boost it may need. There are plenty of improvements that can be made anytime of year no matter the weather. For more tips like these, check out the Spirit Financial Credit Union blog and follow us on Facebook and Instagram.  

Greg Quinn