Growing Family? HELOC Can Help Pay for a Renovation

Babies don't seem like they take up a lot of space at first (although their stuff sure does!). But over the years it's going to mean you'll want more space in your mudroom, bigger closets, a fenced in backyard, and a lot more. 

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How do you get your house to grow with your family?

A growing family means you'll need more space in your house. And it's more than just a spare bedroom or bath. As your children grow older, growing out of clothing into bigger and bigger sizes, and picking up hobbies and all the accompanying gear, you may feel cramped in the home that once seemed more than large enough for everyone. All that laundry on the stairs, just waiting to be put away by your delightful brood, sure would look better in the laundry room, where you won’t trip on it. You don’t have a laundry room, you say? You dream of a mud room like you once dreamed of joyously welcoming a sweet baby into your family? Do you want just a tiny sliver of home office to yourself, preferably with a door?

How do you pay for the additions?

Small additions and renovations can make a world of difference. You’ll enjoy your home, and your growing family, even more. But many growing families have tight budgets, and finding the cash for a renovation, even something as small as adding more efficient shelving to a closet, can be tough. One way to help pay for them is with a home equity loan (HELOC). If you’ve been in your home for a while, and have built up some equity, a HELOC may be a great way for you to improve or expand your space. Usually, the interest paid on a HELOC when it’s used for home improvement makes you eligible for tax deductions. In addition to that benefit, adding to or improving your home generally adds value to the home, increasing your equity.

Have you made small improvements or additions to your home to make it more kid-friendly? (Or more adult-friendly, if those improvements allow you to escape the mayhem, even just for a few minutes.) What do you dream of adding or changing now that your family is growing?