Are you planning on doing some home remodeling this year? You’re in good company. Home remodeling activity is on the rise as millions of Americans are now able to tap their home equity to tackle a variety of improvement projects.
Homeowners spent nearly $130 billion on remodeling projects last year, according to U.S. Census data. The increase in projects and spending — at a six-year high! — is a sign of pent-up demand unleashed by rising home prices. For the first time in several years, many homeowners are able to tap home equity lines of credit or take out home equity loans to finance renovation projects.
Wondering if the time is right for you to tackle a much-needed project or get that new kitchen you’ve been yearning for? Not sure if you have enough equity to make it a reality? We can help you understand your financing options. Give us a call today!