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Updated about 6 years ago,
Home improvements before applying for HELOC?
Good evening everyone,
I want to get your thoughts on whether repainting the exterior and rehabbing my landscape will alter the appraisal of my home enough to warrant the cost of said updates.
According to the Zestimate of my home, I'd be able to open a HELOC on my home of about $120k (80% LTV with a 6.25% rate.)
I've gotten a few estimates on the exterior paint ($2500) but not on the landscaping (I don't have sprinklers; 2 planter beds with some palms and weeds), and no sprinklers in the backyard either. Other than that, I have a few smaller jobs around the house like re-trimming some doors and some minor drywall work.
I will do the small jobs because they shouldn't be too much in terms of cost. I'm just weary of spending the money on something that won't raise the HELOC amount when I could use that money on a deal instead.
Thanks.