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By: AgFed Credit Union

Welcome to AgFed Credit Union's MoneyDig blog! 

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Smart Ways to Fund Your Summer Home Makeover

 Jul 01, 2024
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With the summer season delightfully underway, many homeowners are looking for projects to do around the house to spruce things up and even increase the value of their homes. Whether you’re looking to enhance your curb appeal, repair a leaky roof, or upgrade your kitchen, deciding how to pay for these projects can be tricky.

In this article, we’ll review common summer projects you can complete that can boost your home’s value. Then, we’ll explore the different options for financing these various tasks – without breaking the bank!

Summer Projects to Improve Your Home’s Value

Upgrading your living space is well worth the investment. It can lead to lower stress levels and improve your overall mood daily. But it’s even better when those enhancements also cause your home’s value to rise. If you’re considering projects around the house this summer, add some of these to your list:

  • Enhance Your Curb Appeal

First impressions matter – and not just to future buyers. A well-kept home outside can improve your mood before you even step foot into your house. The same goes for your friends and family members. Here are a few ways to spruce up your home’s outer appearance:

  • Landscaping: Everything from mowing your yard and putting down mulch to planting flowers or bushes can dramatically transform your home’s appearance.
  • A Fresh Coat of Paint: Repainting the outside can instantly change your home. Whether you’re looking for an entirely new color or just need a fresh coat to undo sun damage, it’s a worthwhile investment. Don’t forget your window shutters and front door – those accents can make your house pop.
  • Nightlife: The lighting around your home can create a dramatic effect that grabs attention. From light fixtures to accent lights, a little twinkle here and there can create an elegant and inviting atmosphere.


  • Go Green

Yes, going green is a buzzworthy phrase, but it also delivers four crucial benefits. First, any energy-efficient improvements will help the environment and future generations. It will also reduce energy and water consumption, ultimately lowering your utility bills. Many energy-efficient upgrades also qualify for special tax credits – reducing how much you owe to Uncle Sam. Lastly, new “green” appliances can spruce up your living area and add value to your property. Common green enhancements include:

  • Energy Efficient Appliances: Refrigerator, Dishwasher, Stove & Oven, Washing Machine & Dryer.
  • Heating & Cooling: Install a smart thermostat to lower your heating and cooling bills year-round.
  • Solar Panels: Drastically reduce your electric bill by fitting your home with solar panels. There are often tax credits tied to installing solar panels, so be sure to research those potential savings.


  • Necessary Repairs

All homeowners know that repairs are inevitable. Something is always eyeing your attention, whether it’s plumbing issues, a leaky roof, or a problematic appliance. It’s always wise to take care of these issues before they worsen and become real problems. A small investment today can prevent a more costly one down the road.


  • Upgrades & Remodels

Not all home upgrades are viewed the same. While you might want a particular upgrade, it may not provide an adequate return on your investment. You need to weigh your long-term financial goals versus your immediate desires – or at least find balance. Here are some common upgrades that generally improve the value of your home:

  • Kitchen Remodels
  • New Flooring
  • Bathroom Upgrades
  • Backyard Deck or Patio
  • Mother-in-Law Suite (can add value to your home and offset costs associated with assisted living for aging parents)

How to Finance Your Home Makeover

There are several ways to complete your home projects this summer without breaking the bank. Depending on what you seek to accomplish and the overall price tag, you can use your savings, a credit card, a personal loan, or a home equity loan – or a combination of some or all.

While everyone’s financial situation differs, here is a general idea of how you could gauge your financing needs.

Project Cost

Financing Type

$0 - $2,500

Credit Card

$2,500 - $7,500

Personal Loan




  • Savings:

Anytime you can offset borrowing money with savings, you’ll benefit by reducing the amount of loan interest you pay. So, with any of the tiers above, it’s advisable to use a combination of savings and the loan type suggested.


  • Credit Card:

Convenience is the greatest draw of credit cards. You’re able to purchase the supplies you need instantly and begin your project. If your home makeover is on the lower end and you can quickly repay the balance over a few months, a credit card could be a viable option.

If the dollar amount is inching upward and you’re worried you cannot repay the balance quickly, consider a personal loan.


  • Personal Loan:

Personal loans, commonly called signature loans, provide a slew of financial perks often overlooked by borrowers. With a personal loan, you receive a specific amount of money that you will repay over a set period. The interest rates are usually fixed, meaning they will not increase because of the economy.

With set repayment terms, lower interest rates, and regular payments, most people will repay their outstanding balance quicker and incur lower interest charges than with a credit card. Plus, with a set amount borrowed, it’s easier to budget and prevent overspending.


  • Home Equity Line of Credit:

A home equity line of credit (HELOC) allows homeowners to tap into the equity in their home. These loans are secured loans, using your home as collateral. Consequently, the interest rates are much lower than other alternatives. Plus, the loan terms can range up to 10 years or more, providing affordable monthly payments.

A HELOC is a line of credit and functions like a credit card. You’ll be approved for a specific amount, but you only borrow what you need – when you need it. And you only pay interest on what you spend. Once you repay the balance, the money is available to borrow again.

HELOCs are great for ongoing projects and can also be used to finance other things, such as weddings, higher education, debt consolidation, medical bills, and more.

When planning your summer home makeover, create a budget or obtain quotes from reputable businesses. Then, determine how much you can afford to spend from your existing savings and how much you will need to finance.

We’re Here to Help!

Upgrading your home can provide both emotional and financial benefits. As you prepare your summer to-do list, determine which projects are necessary and what can wait until later. Then, determine how much you’ll need monetarily to accomplish your goals.

If you have questions about financing your summer home makeover or are curious what your monthly payment would be on a personal loan or HELOC, we’re ready to help. Please contact us today to learn how we can help you fund your home makeover.

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