Jun 24, 2022 / Home Equity
The Federal Reserve just announced an increase in interest rates, which means the cost of borrowing money is going up. It’s a move that affects nearly everyone, but according to Bankrate, would-be homebuyers may feel the most immediate impact. That’s because home prices are still near all-time highs and financing is pricier—a double-whammy that makes buying a home more expensive. If you’ve been weighing the age-old property debate—to love or list your home—here are 3 reasons why now is a great time to make improvements to your existing property.
Putting money into your home is an investment, and it’s one that’s almost always worthwhile. Making improvements to your home can raise your home’s overall value and lower your expenses in the short-term. In fact, certain improvements (including upgrading appliances, windows, furnaces, hot water heaters, A/C units, and adding insulation) can reduce your utility expenses significantly. On top of that, many remodels (bathrooms, kitchens, and adding square footage, especially) will allow you to recoup much of your initial costs by way of adding extra equity.
There are plenty of practical, financial reasons to upgrade your home, but what about the intangibles? What’s in a home improvement for you personally? While you can in fact put a price on added comfort and quality, the upgrades you make to your home add value beyond equity alone. Less maintenance, more comfortable surroundings, state-of-the-art appliances, a new addition—all of these improvements can increase your quality of life and the livability of your home. Plus, upgrading your home may actually make you and your family healthier.
Borrowing is getting more expensive, but luckily you can still take advantage of Utah First’s 2% introductory interest rate on new home equity lines of credit. When you open a new HELOC with Utah First, you get an amazing 2% interest rate for the first six months. As you think about making upgrades to your home this summer, seize the rate and save money with a Utah First home equity line of credit. It’s a small rate that can make a big improvement to your home.
If you’re ready to get moving on your summer upgrades, you can apply for a HELOC online or in person. There’s no origination cost (or annual fees) and we’ll give you a fast answer, so you can start your upgrades before your summer schedule starts to get busy. Of course, if you have any questions about applying for (or the value of) a HELOC, our helpful HELOC experts are always here to help.