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Time for an Upgrade? How to Finance Your Next Home Renovation

Date: March 19, 2025
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After a long, cold winter, spring's arrival can motivate us to tackle home projects. From kitchen or bathroom remodels to outdoor areas and necessary updates or repairs, investing in renovations can increase your home's value and improve your comfort and quality of life.

But wait — before you start picking out new cabinets or paint colors, it's important to have a plan for financing your next project.

Let's look at some smart ways to pay for home improvements:

  1. Savings
    Setting aside money for home improvement projects and repairs is always a good idea. By using cash, you'll avoid interest charges and save money. However, using your personal savings isn't always possible for large-scale renovations. That brings us to our next two options.
  2. Home Equity Line of Credit (HELOC)
    Tapping into the equity in your home is another option for financing home renovations. With a HELOC from Wright-Patt Credit Union® (WPCU®), you have the flexibility to draw from a revolving line of credit as needed instead of borrowing one lump sum.
    A HELOC can be a smart choice, especially if you're planning on ongoing renovations or multi-phased projects with a final cost that could change over time. Having a HELOC can also provide a safety net of funds to cover unexpected or emergency repairs (the less-fun side of homeownership!)
  3. Home Equity Loan
    If you need a fixed amount of money for a project and prefer a loan with predictable monthly payments, a Home Equity Fixed Rate loan from WPCU might be the right fit. Unlike a HELOC, which offers a revolving line of credit, you'll get a lump sum of money upfront. With a fixed rate and easy terms, our home equity loan option can make it simpler to plan and budget for your renovation.

Make Your Home's Equity Work for You. We're With You!

You've got big plans for your home. As your caring financial partner, WPCU is here to help you finance them wisely!

Thinking about tapping into your home's equity? Schedule an appointment to sit down and explore your options with one of our friendly and knowledgeable Financial Coaches.