Remodeling Your Vacation Home with an Equity Loan

Use the home equity from your primary residence to update your getaway

Remodeling your vacation home can make it a more relaxing getaway for you, your family and your guests. If you are looking to rent or sell it, remodeling is also a great way to entice visitors and potential buyers. Just as when you're updating a primary residence, you want to focus your funds on changes that will bring you the highest rate of return.

With a little planning, you can make updates that will offer convenience, ambiance and comfort. If you don't have cash to fund the project or don't want to dip into your savings account, think about financing it with a home equity line of credit or loan. Both of these can be affordable ways to cover the cost of remodeling your vacation home. Before you apply for an equity line of credit or loan, plan your budget to ensure you borrow the right amount.

Keep it simple with a kitchen upgrade

When you're remodeling your vacation home's kitchen, focus on creating a space that is up-to-date, functional and low maintenance. One of the major benefits a vacation home offers over a hotel is the flexibility and cost savings of cooking. To maximize convenience, equip the kitchen with a refrigerator, stove, microwave, dishwasher, coffee machine and toaster. No one wants to fumble with broken or complicated appliances on vacation, so a home equity loan will be best spent on reliable models with simple designs.

Design with local inspiration

Get inspired by your vacation home's location. The home's design and décor should evoke the same feelings as its surroundings. If you have a coastal vacation home, for example, go for an open floor plan and a neutral or pastel color scheme to help you create the breezy, relaxed feel of the beach. If you have a cabin set in the mountains, create a cozy atmosphere with rustic decor and a fireplace. Small updates, such as fresh paint and new bedding, can often go a long way toward helping you set the right mood when you're remodeling your vacation home. No matter where it is, you can add charm to your getaway by decorating with pictures of nearby scenery or work from local artists.

Like the décor, the amenities of your vacation home should fit its location. If you are remodeling a vacation home near the beach, for example, consider using an equity loan to add an outdoor shower. This will allow people to rinse off sand and salt before going inside, which, in addition to being convenient, can help keep your getaway clean and prevent damage to its floors and plumbing. When you're remodeling a vacation home by the sea or with a pool, it's also a good idea to add racks indoors and outdoors for hanging wet swimsuits and towels. If you are remodeling a cabin escape, think about using a home equity loan to add a large mud room for hiking gear and an outside rack for skis and poles.

Add a touch of luxury

You should also think about using a home improvement loan to incorporate some luxurious features you may not have at your primary residence. There are a wide range of updates you can make to help transform your vacation home into a more relaxing escape. A towel warmer or wine cooler can make a nice, simple bonus amenity. On a larger scale, you can install a jetted bathtub, hot tub or swimming pool. A pool is a big project that requires ongoing maintenance, but it can be a great way to make use of your outdoor space and attract renters or buyers.

Decide which financing option works best for you

Once you've created a plan for your remodel and figured out how much it's going to cost, decide how you're going to pay for it. To learn more about home equity financing and find out what your options are, answer a few questions online and a Citizens Bank Home Loan Advisor will contact you to discuss the home equity application process.


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