Settling into a lower interest rate or smaller payments are some of the advantages you might enjoy from refinancing your home loan. If your property has built up equity, you may be offered cash out from the loan to pay for other expenses. If so, this is a great time to make the needed major repairs that will keep your home in good condition and running smoothly. Here are a few repair options to consider if you have recent home equity from refinancing your home loan.
Roof
If your roof has been leaking or has missing and damaged shingles, contact area roofing contractors for a detailed assessment and an estimate of repair costs. Compare the quotes and choose the one that seems to most accurately explain the problems you have noticed in your roof as well as asking a fair price for the repair work. Every home needs a solid roof with undamaged gutters to let rainwater drain off the house and into the ground. Repairing your roof is especially wise if you plan on selling your home in the next 5-10 years. Having a new roof will make your home more appealing and could help you to fetch a higher price for it.
HVAC
Your home’s heating and cooling system needs to work consistently year-round. An air conditioner that blows warm air is not doing you much good, nor is a furnace that does not adequately heat your house in cold weather. Furthermore, HVAC systems that don’t work properly can become hazardous, for example, if the furnace develops a fissure that emits carbon monoxide. Have your home’s heating and cooling equipment checked and updated as needed to ensure proper ventilation and room temperatures.
Electric
Since taking out your first home mortgage on the property, you may have added more equipment like a washing machine and dryer that needs a dedicated electric circuit. Some 110 lines may need to be upgraded to 220s. Outlets that spark when plugging or unplugging an electrical device need to be checked. Appliances that overheat or smell like smoke when you turn them on for usage could signal a problem. Have your electric updated in compliance with local codes and to meet your household’s current and future electric needs.
Plumbing
Bathroom repairs are important, since everyone uses the bathroom on a daily basis. A chipped bathtub can be re-glazed, and you can install handrails in the shower as a safety feature. Slow-flushing toilets and sinks that clog easily can be repaired. Water pipes that are rusty or show signs of leakage may need to be replaced. Evidence of mold suggests water damage that requires attention. Additionally, you can have your main waterline inspected and possibly repaired with your money from refinancing. Often these repairs are quite expensive, so using the refinancing money to make them would be a wise investment.
Getting your home refinanced provides the opportunity and incentive to take care of the repairs that are aging your house and reducing its efficiency and functionality. Take care of the needed repairs, so you can fully enjoy your home in comfort.
