Increase Your Home’s Value Before Winter
As November settles in, everyone’s weather-proofing their homes and gearing up for the cold. This season, look into a cash-out refinance option for your home so you can take care of important updates before the frost takes over. Cash-out refinance options are a great choice for FHA loan holders who are looking to change their rates or payback period to get some extra spending money. Put those funds right back into home improvement on one of the projects on this list that you can get done before winter! All of the projects in this blog could save you money in energy efficiency and increase your home’s resale value later on!
Water You Doing with that Outdated Water Heater?
For most people with a solid system in their home, insulating a water heater is a cheap DIY project that won’t even take a full afternoon. Estimates from experts online say that simply updating the insulation on your water heater can save you 7-16% on energy costs. However, for homeowners with outdated systems, you may be losing more heat than can be fixed through a simple insulation project. Most manufacturers warranties only last 8-12 years. Models older than that may be less energy efficient and could need replacing with funds leftover from a cash-out refinance loan.
Don’t Be Static About Updating the Attic
One of the places your home loses the most heat is straight up and out through the roof. Attics with little in the way of insulation can be hard on your heat bill this winter. After a cash-out refinance, allocate funds to adding a thick layer of insulation in your attic. It’ll repay you in the long run with savings on your energy bill. That extra padding can make all the difference while heating your home in the winter, and will also trap in your cool air during the summer months!
Duct, Duct, Goose!
Many homeowners buy a home without fully inspecting their duct work, and it becomes a problem later on. Cracks in a home’s duct work can be expensive to fix and even more expensive not to fix. With the money from a cash-out refinance, hire professionals to inspect, reseal, and replace problems areas in the ductwork of your home. When you’re warm and toasty all winter long, you’ll be glad you did.
Windows? More Like Wind-NOs
Everyone loves a great view through a big window. However, if you have large, old windows, you could be killing the energy efficiency capabilities of your home. Replacing windows in the winter may seem like a way to lose more energy than you’re saving, but most companies that install them take extra precautions to ensure your heat doesn’t escape. Additionally, many places offer discounts and specials during the colder months on window replacement because it is the time of the year when sales drop off. Money left-over from a cash-out refinance and a steep discount could be exactly the recipe you need to enhance the dated windows in your home.
What home improvement project would you tackle with money from a cash-out refinance? Let us know in the comments and share this post with a homeowner looking to renovate before the winter winds start up!