Archives for May 2018
40 Great Plants to Grow in Hanging Baskets By Joe Szabo, Scottsdale Real Estate Team
Houseplants for hanging baskets
Kicking off the list are these happening houseplants. Some happened to happen decades ago (like the spider plant), others are enjoying a comeback (Tahitian bridal veil), and still others are only now becoming popular: Mistletoe cactus, turtle vine, peperomia, ‘rain of coins’ (sounds painful), and other oddities from the rainforests are not only in fashion, but quite tolerant of neglect. Asian pitcher plant is an exception, though, since it requires both humidity and plenty of soft water to produce its wicked fly-catching pitchers. But who wouldn’t want a hanging carnivorous plant to greet mosquitoes and visitors?- Mistletoe cactus (Rhipsalisspecies)
- Tahitian bridal veil (Gibasis geniculata)
- White gossamer plant (Tradescantia sillamontana)
- Turtle vine (Callisia repens)
- Peperomia (Peperomia species)
- Spider plant (Chlorophytum comosum)
- Coin vine (Dischidia pectinoides)
- Golden pothos (Epipremnum aureum)
- Drunkard’s dream (Hatiora salicornioides)
- Holiday cactus (Schlumbergera and Hatiora species)
- Fireball bromeliad (Neoregelia ‘Fireball’)
- Asian pitcher plant (Nepenthes species)
- Staghorn fern (Platycerium bifurcatum)
Hanging basket plants for shade
Many of the houseplants listed above are great fits for warm days in the shade, but these landscape plants offer either flowers (such as fuchsia, walking iris, and begonias) or, in the cases of gold Japanese sedge and creeping Jenny, cold-tolerant foliage. Many ferns are great fits as well, provided they’re drought-tolerant enough to cope with drying winds and forgetfulness. Boston fern is the classic choice, but choose ‘Macho’ fern, ‘Kimberly Queen’ fern and other relatives for a twist on an old favorite.- Fuchsia (Fuchsia hybrids)
- Gold Japanese sedge (Carex oshimensis ‘Everillo’)
- Creeping Jenny (Lysimachia nummularia)
- Strawberry begonia (Saxifraga stolonifera)
- Kangaroo paw fern (Microsorum diversifolium)
- Boston fern (Nephrolepis hybrids)
- Walking iris (Neomarica species)
Edibles for hanging baskets
If you were to picture a life of leisure, you might imagine lounging around while someone feeds you grapes. While grapes are too rambunctious and needy for hanging baskets, strawberries are about as good as it gets. The berries naturally hang over the sides of the baskets, making them easy pickings at the end of a hot day in the garden. Tomatoes are the next best thing, but choose a dwarf variety like ‘Micro Tom’ that won’t outgrow its space. If you’re a home chef with limited space, try growing herbs in baskets as well; no more stooping over in the dirt to gather your ingredients!- Strawberries (Fragaria x ananassa)
- Mint (Mentha species)
- Thyme (Thymus species)
- Prostrate rosemary (Rosemarinus officinalis ‘Prostratus’)
- Tomato (‘Tumbling Tom’ and ‘Tumbler F1’)
Hanging basket plants for sun
Have a sunny south-, east- or west-facing balcony and don’t mind watering on a regular basis? Your favorite houseplants may have burned to a crisp with all of that direct sunlight, but who cares? You get to grow flowers, and lots of them. Remove the corpse of your Boston fern, dirt and all, replace with fresh potting mix, sprinkle a few vining flower seeds (moonflower, morning glory, black-eyed Susan vine and cardinal climber will do nicely), water them daily and keep an eye on your balcony: It may soon be smothered with blooms.- Morning glory (Ipomoea alba)
- Moonflower (Ipomoea tricolor)
- Cardinal climber (Ipomoea x multifida)
- Black-eyed Susan vine (Thunbergia alata)
- Portulaca (Portulaca species)
- Ornamental sweet potato vine (Ipomoea batatas hybrids)
- ‘Wave’ and ‘Supertunia’ petunias
- ‘Snow Princess’ alyssum
- Firecracker plant (Russelia equisetiformis)
- Trailing lantana (Lantana montevidensis)
- Ice plant (Delosperma species)
Succulents for hanging baskets
If you have a south-, east- or west-facing balcony and occasionally wander out to find dead plants you forgot were even there, then these tough and drought-tolerant hanging succulents are the way to go.- Burro’s tail sedum (Sedum morganianum)
- String of bananas (Senecio radicans glauca)
- Starfish plant (Stapelia or Huernia species)
- String of pearls (Senecio rowleyanus)
How Much Does It Cost to Move? By Joe Szabo, Scottsdale Real Estate Team
Estimating moving costs
Roughly half of all people who move use professional movers, whether they’re moving short or long distances. These are average costs for moving, according to HomeAdvisor. Of course, prices vary by region and by distance.Type of move | Average charge | Extra charges |
Local/intrastate (under 100 miles, including 2 movers + truck) | $80-$100 per hour | + $25-$50 extra per additional mover |
Interstate/cross-country (over 100 miles) | $2,000-$5,000 per move | + $0.50 per pound |
How much does it cost to move across town?
Local moves make up the vast majority of people moving every year. According to Zillow research, 57 percent of home buyers who also sell a home move within the same city, and 86 percent move within the same state. For local moves, you’ll typically pay an hourly rate that includes a truck and the services of two movers. The bigger your home, the longer your move will take. Consider these estimates from HomeAdvisor.Size of house | Estimated time of move | Average price range |
1-bedroom apartment | 3-5 hours | $200-$500 |
2-bedroom apartment | 5-7 hours | $400-$700 |
3-bedroom house | 7-10 hours | $560-$1,000 |
4-bedroom house | 10+ hours | $800-$2,000+ |
How far in advance should I book local movers?
Keep in mind that most people move between May and September, so you’ll want to book your movers at least four weeks ahead of time. The earlier you book, the more likely you are to get the day and time that works best for you, and the more likely you are to get an experienced crew. The least expensive days to move are Monday-Thursday. In the off-season (October-April), you can often book movers with only one to two weeks’ notice.How much does it cost to move across the country?
While local movers typically charge by the hour, for a cross-country move you’ll likely be charged based on two key variables: weight and distance.Weight
Before the move, the empty truck is weighed, and your mover should provide you with an “empty weight” receipt. Then, once all your belongings are loaded, they’ll weigh your truck again to help them determine your moving cost. Have no idea how much your belongings weigh? Reputable movers will give you an estimate before you sign on the dotted line, using average weights for homes of your size (more on estimates later). For example, the goods inside a 1,000-square-foot, 3-bedroom apartment typically weigh about 5,000 pounds. A 2,800-square-foot, 4-bedroom home’s furnishings typically weigh in at around 20,500 pounds.Distance
Simply put, the farther a moving company has to transport your belongings, the higher the bill will be. You’ll likely be charged a per-mile rate in addition to the weight-based charges. Make sure to ask if there are any additional transportation charges, like fuel or tolls.How far in advance should I book movers for a long-distance move?
For an interstate or cross-country move, you’ll want to book your movers as early as possible — ideally six to eight weeks before your move.Typical moving expenses
Whatever kind of move you’re planning, the moving expenses you’ll incur will vary based on the level of service you’re looking for:- Just a truck rental: The ultimate DIY move, in this scenario you’ll be doing the packing, loading, transportation, unloading, and unpacking on your own, with just the help of a rental truck. Flat per-day rates start at around $20 per day, depending on the size of the truck, plus charges for gas and mileage.
- Loading, transportation, and unloading: Save your back by doing all the packing and unpacking yourself, but have professional movers do the heavy lifting. For a local move, this service can range from $200 for a one-bedroom apartment to $2,000+ for a 4-bedroom house.
- Full-service moves: Leave everything to the pros, including wrapping and packing your belongings, loading them, transporting them to your new home, and unloading. You’ll just be responsible for unpacking your belongings and getting settled. This type of move is usually used for long-distance moves. Expect to pay roughly $2,000-$5,000 for the transportation, plus about 50 cents per pound, plus $25-$50 per hour, per mover for packing and unpacking help.
- Temporary storage: If your moving dates don’t line up exactly, you may find yourself needing to temporarily stash your things in a storage unit or moving container. Storage facility rates start at about $50 per month for a small unit, and go up to $300 or $400 for larger units. If you’d like the convenience of a portable storage unit that’s delivered to your home, loaded by you, and stored in a warehouse until you’re ready for re-delivery, expect to pay $150-$300 per month, plus delivery and re-delivery costs.
- Moving supplies: Instead of buying and then recycling boxes, you can go green and rent hard plastic boxes for your move. Prices start at about $50 per week for enough boxes to pack a 1-bedroom apartment, and up to $200 to pack a large house. Once you’re done, the rental service will pick up the boxes. To save money on cardboard boxes, check your local “buy nothing” group or moving truck rental company, which often have used boxes on hand.
Additional costs of moving
- When calculating your relocation budget, make sure to keep in mind these unexpected moving costs:
- A transportation surcharge if the moving company pays workers more for working in metropolitan areas, where labor costs are often higher.
- You may opt to purchase full value protection insurance. Released value protection is typically included by movers at no cost, but the protection is minimal — just 60 cents per pound per article lost or damaged.
- Charges for moving vehicles, including cars, boats, and motorcycles.
- Surcharges for moving large or fragile items — think swing sets, pianos, extra-large furniture, or riding lawn mowers.
- Additional charges if the movers have to walk more than 75 feet from door to truck, or if they need to use stairs or an elevator.
- Additional charges if your street is too narrow to accommodate a moving truck and they’ll need to shuttle your belongings with a smaller truck.
- You may find yourself paying unexpected moving costs if there’s a delay in the availability of your new home and the moving company has to put your items into storage.
Moving cost agreements
Any reputable moving company should provide you with a quote before your move, using the industry-standard rate book published by the Household Goods Carrier Bureau, called the Tariff 400-N. There are two main types of moving quotes:- Non-binding estimates are the industry standard. They reflect the company’s best guess as to what your final bill will be, but they can often be inaccurate. Whenever possible, opt for not-to-exceed quote.
- Not-to-exceed estimates are quotes where the moving company commits to a maximum price.
Get moving
When it comes to moving, the best way to limit your costs (and to keep your sanity) is to move quickly. The faster you’re out of your old home and into your new home, the less you’ll pay in movers, rented supplies, storage costs, and — most importantly — overlapping mortgage payments or rent. Looking to sell your house in a hurry? Check out Zillow Instant Offers, where you can list your home for investors only and attract offers from investors who are ready to buy. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.3 Steps to Prepare Your House for Sale By Joe Szabo, Scottsdale Real Estate Team
Step 1: Clean and declutter
It may sound obvious, but the importance of cleaning and decluttering cannot be overstated. Here are some ideas to make this process nearly painless.- Get rid of clutter before cleaning. This is the time to purge your house of unwanted and unnecessary items. In addition to donating items to charity, you might consider giving them away through Craigslist or neighborhood sharing groups. Recyclers are often willing to pick up and haul away large metal items for free. The goal is to make your house a clean slate before you get down to cleaning.
- Deep clean your house. This step will probably involve the biggest time investment. Get the whole family involved if you can! Think of this as a pumped-up spring cleaning. Pay special attention to kitchens and bathrooms, and clean the inside and outside of your windows — this makes a striking improvement in the overall appearance of your house.
- Organize closets, cabinets, and drawers. In this case, out of sight is not out of mind. Many potential buyers will open cabinets and closets, because they are thinking about storage space. If your storage areas are clean and organized, it will send a signal to buyers that you take care of the house.
Step 2: Make DIY repairs
Take care of these problems before you show the house for the first time. These are all fixes that you can do yourself.- Fix any leaking faucets and running toilets.
- Replace caulking around tubs, showers, and sinks.
- Freshen up or repair grout as needed.
- Repair walls and repaint them in a neutral, generally pleasing color that complements your home.
- Fix cracked or broken windows.
- Replace or repair damaged window screens.
- Replace burned-out light bulbs.
Step 3: Go for curb appeal
First impressions are a big deal. You want potential buyers to be charmed by the outside of your house so they look forward to coming inside. Extend your pumped-up spring cleaning to the outside of your house, too.- Trim bushes, shrubs, and trees. Make sure vegetation isn’t touching your roof or siding.
- Repair broken downspouts and gutters.
- If it’s appropriate for your yard, apply new mulch, river rock, and/or pea gravel. This can do wonders for your landscaping and provide immediate curb appeal.
- Clean and repair concrete areas, such as driveways and walkways. Be sure to eliminate any oil or grease stains, and clean out any weeds coming up through the cracks.
- Dress things up a little bit. If it’s seasonally appropriate, put out some pots of annuals, which will maintain their color for the season. Freshen up your doorstep with a new welcome mat. Make sure the house numbers are easy to see, and in a style that complements your home.
How to Attract Birds to Your Yard (Hint: Don’t Just Wing It) By Joe Szabo, Scottsdale Real Estate Team
Create a habitat
Birds prefer townhomes to single-level ranch houses. They need perches for preening, thickets for hiding, branches for bickering, wide-open spaces for showing off, and, eventually, a tree cavity where they can nest and paint their nursery a nice robin’s-egg blue. Give them privacy by planting walls of foliage. Native shrubs, small trees, and even tall grasses and perennials offer the versatility they need to make a quick escape. Create a ceiling of tall deciduous and evergreen trees at the back of your property, and plant small understory trees between them and your house. Selectively prune lower limbs of shrubs and small trees so you can easily see perching birds from your window. They’ll appreciate the perch, and you’ll appreciate the camera angle.Grow your own birdseed
Money doesn’t grow on trees, but, conveniently enough, birdseed does! It also grows on shrubs, perennials, grasses, annuals, and anything else that qualifies as a plant. To grow the seed that your local bird species prefer, however, choose the native plants that they’d otherwise find in the wild. Native plants vary by region, but some good choices include coneflower, blanketflower, beautyberry, asters, and sunflowers. Attract hummingbirds with nectar-filled trumpet honeysuckle and cardinal flowers. Native oaks, hollies, dogwoods, sumac, cedars, and spruces provide nuts and berries, as well as shelter.Stage your birdhouse
Research the birds that you’d like to attract, and give them the house that suits their needs. For example, bluebirds like their nesting boxes out in the open, while chickadees like thick leaf cover. Whichever bird you try to attract, keep that nesting box away from human noise and activity so you’ll never have to witness the heartbreaking sight of abandoned eggs in an empty nest. Also, keep your cat indoors, if possible. Otherwise, you may find birds not only in your backyard but on your front doorstep, too. If birds haven’t moved in yet, be patient. Sometimes all your birdhouse needs is a little lichen, moss, or wear and tear to make it more appealing.Turn a birdbath into a Jacuzzi
If your birdbath is emptier than a swimming pool in January, there could be a reason. The ideal birdbath doesn’t look like you’d expect — it’s placed directly on the ground in a shady space with nearby shrubs. Add some gravel to the basin so birds can find their footing, and even add a few rocks on the outside to serve as steps. Include a small pump or fountain, if possible. This turns your birdbath into a miniature water feature, and the circulation keeps the water clean and helps birds cool off on hot days.Leave the leaf litter
If you’re looking for an excuse to get out of gardening chores, you’ll be pleased to know that you’re absolutely allowed to keep that accumulation of dead leaves and small branches on your garden’s floor. It gives birds everything they could ever ask for — bugs and other small animals for snacking, materials for nesting, and even a hiding place from predators. If things begin to look untidy, just break down the larger branches by hand or with a pair of anvil pruners, and spread everything out evenly. Everyone loves free mulch.Invest in your feeder
Rather than spending money on multiple feeders that you have to replace year after year, invest in a feeder that’s made with quality materials, has a tightly fitting lid, and drains easily. Better yet, purchase a sturdy pole and squirrel baffle before you leave the garden center. Even the best feeder will need maintenance, so give it a thorough cleaning every year, and break up any clogged holes so moisture doesn’t accumulate. Trust me on this — cleaning out a maggot-infested feeder is something nobody should have to experience in his or her lifetime. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.How to Paint the Exterior of Your Home (the Easy Way!) By Joe Szabo, Scottsdale Real Estate Team
1-day project: Wash your house
If you aren’t already washing your siding once a year, now is the time to start. This will remove any mold and mildew, expose any potential problems and get the surface ready for prep work and painting.- A pressure washer is the most popular cleaning tool, thanks to its powerful spray — but it’s not a magic wand. In addition to patience, you’ll also need protective eyewear, a couple of five-gallon buckets, a pressure-washing cleaning solution and a stiff brush.
- Soak the surface first to loosen up debris, and then start cleaning with a wide, sweeping motion, from the bottom to the top of each wall.
- To prevent damage, start spraying at a distance of 10 feet and work your way in. Wash windows, garage doors and cracked seals at the lowest setting or by hand.
- If that big, loud pressure washer leaves you feeling a little gun-shy, you can get the same results with a scrub brush, bleach solution and garden hose.
Weekend project: Make repairs
Once you’ve thoroughly cleaned your home’s exterior, use the next weekend to prepare it for a paint job. On Saturday, sand, fill and weatherproof the surfaces. On Sunday, cover any stains with primer.- Using a sanding block and razor blade, remove any protruding burrs or paint drips. To speed up the job, use a rotary tool or power sander.
- Patch and fill holes with the filler that’s appropriate for your siding. For example, you can use wood filler on wood, but fiber cement siding (sometimes known as Hardie Board) requires cement patch. Sand when dry.
- Replace old caulk with either a small putty knife or painter’s tool. Apply the caulk slowly for a smooth bead, using a damp rag to wipe up the excess. Practice in an inconspicuous area if needed.
- Replace any rotted trim or siding immediately. This will definitely add some time and cost to your project, but it sure beats painting over rotted wood and a colony of termites.
- Spend Sunday applying primer, following the manufacturer’s instructions. Even if you plan on painting with a two-in-one paint that includes primer, old paint jobs and stained areas will still need a layer of primer to help paint adhere. If you run out of prime-time this weekend, finish when you kick off the next project next weekend.
- In the meantime, do some planning. Decide on a paint palette with two or three colors (base, trim and accent) and get ready for the fun part.
Month-long project: Paint!
Once your exterior is washed and prepped, give it a total overhaul with new paint, trim and accents.Week 1: Upgrade the front door casing
- Once you’ve found the perfect style, take measurements and plan out the placement on paper before purchasing and cutting the lumber.
- If feasible, purchase rot-resistant PVC trim. Pressure-treated wood is cheaper but must be preserved, dried and primed before installation.
- To remove the old casing, cut through the caulk with a utility knife and carefully remove casing with a pry bar.
- Cut the new casing to size, letting it sit flush against the bottom.
Week 2: Paint the siding
- This can be done in the afternoon or evening, so tackle the job in sections. Shake and stir the paint before you begin for even coverage.
- Cover any light fixtures, doorbells, and windows where you intend to paint, and use an angled brush to paint along edges without making a mess. Use a roller to fill in the broad areas, working from top to bottom. Paint the trim last, wiping up any stray spatters with a damp rag.
Week 3: Apply a second coat
- Sand out any paint drips or debris.
- Paint the siding and trim another coat.
Week 4: Tackle the details
- Paint the front door the color of your dreams.
- Add shutters, if you like.
- Upgrade and add extras: new crown molding for the porch, a doorbell, a new house number, door handles, and light fixtures.
5 Home Renovations That Could Hurt Resale By Joe Szabo, Scottsdale Real Estate Team
1. Going overboard on landscaping or gardens
A homeowner/seller may have a green thumb and be really proud of the time spent on the garden, the hedges or landscaping. But the next buyer might see it as too much maintenance, especially if you went overboard with your green thumb. Potential buyers may not be willing to pay for it (as part of the home’s overall price), hire a gardener or do the work themselves. This is especially true with Millennials and Gen X-ers. Of course, your property needs curb appeal, and nice landscaping does sell. But it could be just as easy to do a quick, inexpensive yard once-over before going on the market.2. Converting a garage into a family room
Converting a garage into a family room may make sense if you don’t have a nice car or you simply want a bigger family room. Some people think a driveway is enough. But this is a huge “no-no” in real estate. A garage is expected, especially in the suburbs. If you take it out, you lose a huge chunk of buyers who simply won’t consider a home without a garage.3. Taking out a bedroom
It’s common today for people to transform a bedroom into a huge master closet or into a home office with a built-in desk and cabinet. If you do, make sure the room can be easily turned back when you put the home on the market. Buyers with kids may need that bedroom. They’ll see the room you converted into a home office or closet as more money they’ll need to spend to turn it back into a bedroom. A home office is the easiest to undo, as long as you haven’t built in intricate desks, shelves and cabinets. A large closet generally goes within a master bedroom, which includes taking out a door or putting up a wall — all of which is harder to undo.4. Adding a swimming pool
Similar to landscaping, a pool requires maintenance and is an even bigger liability. This is very particular for certain parts of the country. If you’re in the South, in a warm environment, you can get away with it much more easily. A pool would be a common “must-have” on many buyers’ wish list. If you’re in an area where it’s only warm a few months a year and pools aren’t common, adding one could be a big mistake. Then again, it’s your home, and if you plan to be there a long time, add the pool. Just know that it may be a turn-off to future buyers. When in doubt, consult your agent.5. Adding highly personalized colors, finishes or fixtures
Often, homeowners put in tile, sinks, vanities, countertops and floor coverings that are hard to replace, and yet are specific to their tastes. For example, you may be obsessed with the Moroccan tile from your Marrakesh vacation last year and want it in your kitchen. But the next buyer may not be so enthusiastic. Similarly, installing ceramic or marble tile all over the floors may be a costly mistake that others won’t want to pay for. Some homeowners assume that because they spent $50,000 in such upgrades, their homes will be worth so much more. But what may be a highly personal touch could make your home look like a “fixer-upper” to others. The end result: You’ll turn off a lot of buyers who don’t like your taste and don’t want to do the work to undo it. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.How to Set a Home Renovation Budget By Joe Szabo, Scottsdale Real Estate Team
1. Estimate home renovation costs
As a general rule of thumb, you should spend no more on each room than the value of that room as a percentage of your overall house value. (Get an approximate value of your home to start with.) For example, a kitchen generally accounts for 10 to 15 percent of the property value, so spend no more than this on kitchen renovation costs. If your home is worth $200,000, for example, you’ll want to spend $30,000 or less. Something else to keep in mind: Contrary to popular belief, kitchen renovations offer among the lowest return on investment, according to analysis from Zillow Talk: The New Rules of Real Estate. Every dollar you spend on a kitchen remodel increases the value of your home by 50 cents. The highest return on investment? A mid-range bathroom remodel.2. Consider home remodeling loan options
If you plan on borrowing money to fund your home renovations, there are a number of loans out there to help with just that.- Refinancing. Depending on your current interest rate, you might be able to refinance your mortgage at a lower rate and/or for a longer loan term, which could lower your monthly payments and help you save up for your renovations.
- Cash-out refinance. If you have enough equity, you could also consider a cash-out refinance, which means refinancing your existing loan for an amount that’s higher than what you owe. Going this route, you pay off your original mortgage and have cash left over. Use a refinance calculator to see if refinancing makes sense for you.
- HELOC. If refinancing sounds like too big of a leap, a home equity line of credit (HELOC) might work better. A HELOC works a lot like a credit card in the sense that it has a set limit that you can borrow against.
- Home equity loan. Although it sounds similar to a HELOC, a home equity loan is a bit different. This loan requires you to take out all the cash at one time. They’re often referred to as “second mortgages” because homeowners get them in addition to their first mortgage.