Minimizing the Cost of Kitchen ImprovementsBy Karen Lawson
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Kitchen repairs are likely at the top of your home improvement list. The good news is that a home equity line of credit can help you finance kitchen repairs and remodeling. Here are some ideas for minimizing costs while achieving the results desired of your kitchen improvement project.
Home Equity Line of Credit Provides Convenient FinancingA home equity line of credit differs from a home equity loan in that you are approved for a credit line that can be used as needed. This can be particularly handy if you want to budget home improvements throughout the process. You can make an initial payment to your contractor, and use your home equity line to pay for supplies and services as you go along. It's important to remember that a home equity line of credit is a secured mortgage loan, and that your home serves as collateral for your home equity line of credit.
Controlling Kitchen Remodeling ExpensesAlthough you might envy the kitchen remodels featured on home improvement shows, it may be more prudent to take care of immediate needs first. If your kitchen dining area is cramped, you may want to add counter space for casual meals, or incorporate a little used dining area into your kitchen, where it can serve as an everyday center for meals and family gatherings. If traffic flow is a problem in a small kitchen, relocating a kitchen door can provide more counter space and re-route foot traffic. Installing new windows can help conserve energy and regulate interior climate.
Whether you create your new kitchen gradually or all at once, your mortgage lender can help you get the home equity financing needed to make your new kitchen a reality.
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About the Author
Karen Lawson is a freelance writer with more than 15 years of experience in mortgage banking. She holds a Master's degree in English from the University of Nevada, Reno.
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