Has the list of desired repairs and renovations become so long that it sends chills up your spine? A few improvements may be exactly what you need this season, and with the recent rate cut, this may be a good time to open up that home equity line of credit to improve your home. Here are a few ideas to help you get started:
• Repair your roof. In preparation for the rough winter weather ahead, this may be a good time to get any leaks or damage on your roof repaired. To help cover the costs, consider using your home equity line of credit to help fund this project.
• Forget the pumpkin patch; plant some vegetables. It’s no wonder autumn is called harvest season; there are numerous plants and vegetables that thrive in the mild weather autumn offers. Use this opportunity to replenish your garden and repair any damage left by a hot, dry summer.
• Make your backyard warm and toasty. The temperature may be dropping almost as quickly as the leaves in your backyard, but that doesn’t mean that all your social gatherings must move inside. Consider using your home equity line to add an outdoor fireplace to keep you and your loved ones warm when the weather begins to get chilly. On a smaller scale, a fire pit can help serve the same purpose.
Because the interest paid on home equity lines of credit can be tax-deductible, home equity lines are beneficial and flexible ways for you to access funds to help make your tax season a little less scary this year. Be sure to inquire with your tax preparer for full details concerning tax-deductibility. Your home equity line of credit can help you have a fabulous fall season without the frightful bill.
Source: Informa Research Services