 Should it be necessary to finance your
new kitchen, here are some ideas:
- Obtain a new mortgage on your home by taking a larger loan and using the extra for your project.
- Secure a home equity loan by using the equity in your home.
- If you have little equity in your home, take out a home improvement loan.
This loan is secured by the future value of your home.
With all 3 of these options, the interest is tax deductible. But stay away from using your credit card because the interest is high and is not tax deductible. If you need assistance in obtaining financing, we know people we can put you in touch with.
Return on Investment
You can not put a price on the increased enjoyment of a new kitchen. Providing you plan on staying in your home for at least a year, you can plan on recouping a substantial portion of your remodeling costs when you sell. In some cases, you may even get more back than you spent. Of all remodeling projects, bathroom and kitchen renovations will give you the biggest return on your investment.
Center for Energy and Environment:
www.mncee.org
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