7 outdoor projects you can do with the equity in your house
Homeowners have a lot of equity these days. In fact, according to property data firm CoreLogic, the typical homeowner gained over $55,000 in equity just last year.
That’s $55,000 you can use to pay off debts, cover unexpected bills, or, even better, improve your home (and its value). All it takes is a cash-out refinance.
Are you considering cashing in on your newly gained equity?
Here are seven projects you might want to put it toward when you do:
1. Build a deck.
A deck can be a great way to use your home equity. According to Remodeling Magazine, wood decks are actually one of the top 10 value-adding home renovations you can take on.
They deliver about $11,000 in resale value. They also allow you to make more use of your home’s exterior and expand your entertaining space.
2. Add a sprinkler system.
Installing a sprinkler system comes with a ton of benefits. It can help keep your yard healthy and beautiful, and it makes managing your house easier, too (just set that watering schedule and forget it). You can even get one that has a rain monitor, so you don’t overwater.
3. Get an outdoor kitchen.
Outdoor kitchens are very on-trend in these post-pandemic days. They give you and your loved ones a great place to hang out, enjoy a meal, or even entertain guests, and they can also add serious value to your home.
They’re versatile, too. You can include grills, pizza ovens, bars, fridges, sinks, prep areas, and, of course, a dining space too. The options are endless.
4. Install a fire pit.
A fire pit can be the perfect spot for kicking back as a family. You can sit around after work and discuss your days or even cook up a batch of smores for dessert. Just make sure you add some comfy seating around it (and maybe add some blankets too!)
5. Xeriscape or dryscape.
Tired of all the mowing, edging, weeding, and planting year-round? Invest your equity in some xeriscaping or dryscaping instead. It will save you on long-term maintenance costs — and give you time back to boot.
6. Build a playhouse.
Have kiddos? Use your equity to build a playhouse, playset, or treehouse in the backyard. If you’re not the DIY type, you could use the funds to purchase a premade one instead (and even throw in someone to put it all together too)
7. Add a shed.
Sheds can add storage space, or you can use them as more of a functional piece of your property. Maybe you can turn one into your home office, a she-shed, or a man-cave or make it space for your yoga sessions or meditation.
Tap your home equity
There are lots of ways to use your home equity. Interested in tapping yours through a cash-out refinance?
Get in touch with an Embrace Home Loans office in your area today.