Finding the right countertop material for your kitchen can be very challenging. Although there are several countertop materials available but then it will all trim down to your budget. However, the proportion of the price for the quality is not always relative or direct. You can still find high quality countertop material for your kitchen that fit your budget.

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Kitchen countertop materials vary in many ways. They may differ in their size, color, texture and weight. To give you ideas on finding the right countertop material for your kitchen, you may consider the following:

Granite

This is one of the most popular countertop materials. Aside from its durability, granite is proven to be heat and scratch resistant. It requires less maintenance to maintain its natural looks. You can also indulge with the wide varieties of colors and styles to choose from this type of material. This material is definitely has high value to your home but can prove to get a high return on investment when selling your home.

Quartz

Quartz is popular because of its similar elegant look of granite and marble. However, this material is quite cheaper than granite but likewise durable. Other great features of this material are its resistance to scratches and stains. It is user-friendly as you can easily clean the surface without exerting much effort.  Quartz comes in many colors and varieties and part of the appeal is the uniformity in granular and metallic sparkles within the natural material.

Tile

For flexibility and versatility of design, a tile countertop material is the right choice. This type of material is also heat and stain resistant. Although tile is prone to chip and scratch but then it is very easy to replace and cheap. Remember to have extra tiles in case there is a need for replacement.

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Marble

Marble countertops are known for its beauty and elegance. It is perfect for kneading tasks like doing some pasta, bread and other similar procedures that need to knead. Marble is vulnerable to chip. You also have to periodically seal and laminate this material to maintain its quality.

Take time to shop and compare price ranges of these popular countertop materials before you come up with your decision.

For more kitchen & bath ideas on Stagetecture, click here.

]]> https://stagetecture.com/how-to-choose-the-right-countertop-material-for-your-kitchen/feed/ 1 27640 https://stagetecture.com/guest-blogger-fixing-up-foreclosure-homes-is-it-worth-it/ https://stagetecture.com/guest-blogger-fixing-up-foreclosure-homes-is-it-worth-it/#respond Tue, 22 May 2012 14:05:48 +0000 https://stagetecture.com/?p=26895 Guest Blogger #535, Entry #1208, May 22, 2012

The market for flipping houses today isn’t what it was several years ago. With the housing market still in a state of complete inertia, any pundit worth his salt will tell you that this is the wrong time to be looking at selling a house. And yet, it is an incredible time to buy. A market flooded with foreclosures (and banks that are selling low to recoup costs) provides for a veritable smorgasbord of once-in-a-lifetime opportunities for people willing to put in a little elbow grease to fix a place up. But there are a few potential problems that you probably want to know about before you go ahead and get a fixer-upper foreclosure, whether you’re planning to flip it or live there for years to come. Here are some things to consider.

Image via: Terrie Daughtry.Pinterest

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Is the timing right?

First, you need to consider that selling right now is not an option. It doesn’t matter how many upgrades you do, you’re only likely to lose money if your goal is to sell within the next few months. Between the cost of materials, labor, and monthly mortgage payments, it’s just not a great time for flipping, so you might as well forget about it. Even killer deals on homes in desirable areas are not likely to sell for more than you pay, regardless of how much work you put into them. There are just too many good deals on the market for potential buyers.

Fixer-upper opportunity

Now, if you’re looking for a fixer-upper opportunity for yourself, that’s a different story. In this case, now is the absolute best time to buy. If you plan to hold on to your property for the next several years you could see a massive return on your investment down the road as the economy recovers from recession and the housing market begins to turn around. A couple of decades from now you could be holding a property that is worth several times what you paid for it. So in that respect, buying a foreclosure that you can spend the next 10, 20, or 30 years fixing up is ideal.

Image via: Houzz

Tips to consider

But there are a few things to watch out for. The first is that you need to be thorough when checking out the property and the paperwork attached to it. Foreclosures are home sales through the bank, not the homeowner (who has apparently defaulted). This means that they are usually “as is” sales and once you sign on the dotted line and take possession you have no recourse should things go wrong (unlike the rules that pertain to a private sale). So you not only need to arrange for a meticulous inspection of the property itself, but you should also take pains to look into every piece of paperwork associated with your property. Are there additional mortgages or liens? Does the property suffer from any disputes (over boundary lines, etc.)? These are things you need to be aware of in a foreclosure situation since you take them on with the title.

Whether you’re looking at Seattle, Miami, or Cleveland foreclosures, you need to take the same precautions to ensure that you are protected as a buyer. And although you can find some incredible deals on bank-owned properties that just need a little TLC, you should definitely plan on holding your home purchase for the foreseeable future if you want to realize a return on your investment.

For more home buying & selling tips on Stagetecture, click here.

Tiles add warmth, elegance and sophistication to a kitchen, bath or other high-traffic area. Here are some secrets to making the perfect choice for your kitchen or bath:

1. When selecting neutral colors, coordinate your tile with the undertones in your cabinets.

The biggest mistake homeowners make when choosing neutrals is to assume that each one blends with the other. If you place a beige or brown tile against a pure white paint sample, you will see that the undertone is usually either yellowish or pinkish. Maple, pine and oak cabinets often have a warm yellow or yellow-orange undertone. Cherry, rosewood and walnut usually have a pinkish undertone. Cabinets painted beige or off-white also have either yellowish or pinkish undertones. Even if the tiles contrast with the wood, choose those with the same undertone.

Image via: Tree House Online

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2. Whether you choose a high-contrast, mid-contrast or low-contrast look, do it deliberately.

A high-contrast look such as dark cabinets and light tile floors can be sophisticated, upscale or contemporary, depending on the style. A high-contrast look is also perfect for a transitional kitchen design that blends elements of contemporary and tradition styles.

Medium contrasts are perfect for traditional or country homes. A low-contrast look can be contemporary or casual, depending on the choice of tiles. For example, white subway tiles in an all-white kitchen provide the perfect backdrop for displaying large, contemporary artwork. Pickled white cabinetry and off-white tiles give a relaxed, European country look.

3. Considering using tile to highlight areas of the kitchen or bath.

Creative tiles are often used highlight the backsplash area behind the counter or stove. Consider using tiles in a variety of colors or tones that bring in the full palette of the kitchen. Also consider highlighting the floor with a tile border or design.

Image via: DIY Network

4. Don’t be limited to plain ceramic tile.

Homeowners have more tile choices than ever before. Glass or metallic tile is especially eye-catching behind a backsplash. Eclectic or transitional kitchen design often pairs these modern tile choices with antique furnishings.

5. Vary the shapes in the room.

The shape of the tile should contrast with the predominant shapes in the cabinet fronts. Many traditional cabinet facings are made up of concentric rectangles. Choosing large square tiles for the floor gives contrast against the busyness of the cabinet fronts.

Contemporary cabinet fronts are often made up of one smooth piece of wood with no embellishments. Small, rectangular tiles provide contrast.

6. Considering varying the angle of the tiles.

Placing tiles on an angle can make a room look larger. The longest dimension in a room is diagonally from one corner to the other, so placing tiles on an angle draws the eye across this longer dimension. The kitchen remodeling Chicago or New York City apartment dwellers choose often employs this visual trick. Other interesting tile patterns are herringbone, brickwork and basket weave.

Image via: Justine Taylor.tumblr

7. Consider the natural light in your room.

If you live in northern climates with long, cold winters, tiles with blue or cool gray may make the trek to get your coffee on a chilly morning feel even colder. The kitchen remodeling Chicago residents often select features warmer colors than those in Florida homes.

Also consider whether the direction of the light entering your kitchen. Northern light is typically bluish; tile with a warm, golden undertone will make room feel warmer. Light coming from the south or west is warmer, especially in the late afternoon. Tile with a cool gray undertone will visually cool the room down, making it feel more welcoming in the afternoon.

8. Don’t forget the grout.

The grout color can either match your tile or contrast with it, depending on the look you want to create. If you have a dark countertop and light tile, choosing grout in the same shade as your countertop can help tie the two surfaces together. If you want to downplay the tile pattern, choose grout that’s close to the same color as your tile.

If you choose small decorative tiles for a wall, you might place them so tightly together that they don’t need grout between the tiles. While this style isn’t appropriate for the floor, it can really call attention to the beauty of the tiles. To avoid cleanup hassles, place a piece of clear Plexiglas over the tiles when used as a backsplash above the stove.

John Grant writes for several DIY and house design sites. He is also now traveling Asia for new inspirations.

For more kitchen & bath ideas on Stagetecture, click here.

Today, Lisa showcases her highlights of what she saw at this year’s Kitchen and Bath Industry show which I couldn’t attend, as I was in NYC for the Sandra Lee event. So I was excited to hear that Lisa wanted to share some of her great finds with my readers!

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A couple of weeks ago while attending the annual Kitchen and Bath Industry Show (KBIS) I nearly tripped over myself as my body was cruising the aisles and my eyes felt the magnetic pull of a new product at the Formica booth.  As a designer my search for innovative, new and cool was complete but unexpected, in a booth about laminate countertops.

Solid granite or stone countertops are not inexpensive and can be too costly for many homes and downright inappropriate for others.  However, with the new Ideal Edge from Formica the look is now available at a fraction of the cost.

Ideal Edge eliminates the dreaded brown line so often the key identifier of a laminate countertop.  Plus, contractors can finally achieve an attractive finished edge on all sides.  By using either the Ogee or Bullnose edge, laminate has just been elevated to a whole new level.

But wait there’s more…

Homeowners have often balked when contractors use a mitered corner. So Formica also introduced 5 new colors to their 180FX line of laminates, available only through contractors, (seen in the first pic and below) which mimic the visual graining and life of a full granite slab.  Yep, this means they come in sizes up to 5’ x 12’.

Dolce Vita 180FX Bullnose

Visually one can’t tell the difference unless you are up close and personal and looking for it.  These new options bring laminate into the current century and allow homeowners options beyond what was once unaffordable.

Blanca Luna 180FX Bullnose

Silver Travertine with Ogee edge

Formica has provided stylish and upscale options for the homeowner on a limited budget looking to update their kitchen or bath for their own use or resale.  Now one can do a respectable remodel at a fraction of the cost.

This new Formica gives granite a run for its money without running away with yours!

Other than the first and third image, all images are courtesy of Formica Corporation.

Lisa M. Smith is an interior designer, color maven and artist shares the design world with you. Interiors involve textures and layers, so does her blog – The Decor Girl.  Join her there where she talks about color, interiors, architecture, art, cars, fashion, travel and what ever else seems interesting at the moment. You can follow Lisa on Twitter – @TheDecorGirl

For more kitchen & bath ideas on Stagetecture, click here.

How to Increase your Home Value by Adding a Loft

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Increase home value with a loft

Lofts are open spaces that can be used for many different purposes. These areas are often above a main room, such as a family room, and can be used as offices; exercise or play rooms, and even as a spare bedroom for guests. Their multi-functional use makes this addition a bonus to potential buyers, especially those with children. Kid’s toys take up a lot of extra space, leaving parents desperate for some form of organization. By adding a loft to your home, you’ll appeal to families, which make up a larger group of people still searching for a home to buy in this bad economy.

If you decide to add a loft, you’ll need to contract with a professional remodeling company, Loft Conversion West London. You might also need a special permit from your city, or county, office before you’re allowed to start. Professional contractors will know if your project needs one or not- another bonus to hiring a company instead of attempting to do it yourself. Ask a neighbour, friend, or colleague for recommendations to local companies.

If you don’t know anyone with a referral, contact a local realtor’s office. Once you have a short list compiled, take the time to check their credentials. Contractors are required by law to hold a license in their specialty and be in good standing in order to remain in business. Your local Registrar of Contractors will have this information which you may be able to verify online, or over the phone. Also check with the Better Business Bureau to see about their overall rating. Take note of the nature of any recent complaints and if they were resolved.

Contractors

Interview your contractor in person and ask specific questions to gauge their knowledge in relation to the scope of your project. Ask if they’re willing to give you references, and if you can go out to see one of their latest projects in person. Use these visits to assess their quality of work. Once your project is complete, have your realtor come by and give you an estimate of what they think you can sell your house for. Even if you choose not to sell, you will now have a whole extra room to enjoy with your family!

For more attic and loft ideas on Stagetecture, click here.

Happy DIY Saturday! Whether you are looking to update your outdated kitchen backsplash or you are remodeling your bathroom, replacing ceramic tile may be in the plan. Today, see a You Tube video in Stagetecture’s You Tube Channel XXX. Then my guest blogger gives step by step directions to replace ceramic tiles in your home.

Image via: House of Turquoise

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You Tube Video – How to Replace Ceramic Tile

Guest Blogger – How to replace ceramic tiles

Most of us have tiles fitted by professionals so we assume that we will need them to return should a tile come loose. In fact, changing a loose or broken tile can be a relatively simple job. With the correct tools, concentration and a little patience almost anybody is capable of fixing a loose tile themselves.

Step one: prepare

First of all, you will need to ensure that you have all the correct tools. While some tools can be replaced by something similar, it’s wise to take the time to source the proper tools. You will need an iron to loosen the tile, some purpose made adhesive, a rolling pin, putty knife, spirits and a rag to clean up when you’re finished.

Step two: loosen the tile

Begin by loosening the tile you want to replace. Be patient waiting for the tile to come completely off: better for it to take longer than for you to end up with a broken tile and nothing to go back in the hole. When the tile feels ready to be removed, gently remove it with the putty knife. Apply pressure evenly to ensure that you do not break the tile as they are surprisingly delicate.

Image via: This Old House

Step three: remove adhesive

Now you want to remove the old adhesive. You can either use mineral spirits to do this or a specialised adhesive remover from a local hardware shop. Be thorough here as it is essential that the old adhesive is removed in order for the new adhesive to stick. Scrape away any excess with the putty knife, leaving a clean space for the replacement tiles.

Step four: reattach the tile

When the space is both clean and dry you are ready to apply the new adhesive. Do so evenly and relatively sparingly. You can then gently press the tile back into the space.

This is where the rolling pin comes in handily. You will want to remove any air trapped underneath the tile with the pin and then clean off any excess adhesive from around the sides of the tile. Again, you can use the spirits and rag to do this.

Image via: House and Home

Additional considerations

If the tile you are replacing is high off the ground then you may require a ladder – so choose carefully. Telescopic ladders are the most adjustable and dynamic options and they are also the most easily transported and stored.

Step ladders can offer greater stability for jobs such as this, however, as they offer a larger foothold than conventional ladder types. Make sure you do your research and get the right type of ladder for the job.

This guide is brought to you on behalf of BuyDirect4u. BuyDirect4u offer an array of items which are designed for use in the home and garden. For information on telescopic ladders and other essential household products such as tiling tools, visit their website today.

For more DIY Saturday’s on Stagetecture, click here.

For Stagetecture’s You Tube Channel, click here.

Some of the most beautiful homes are older ones. They seem to have such character and presence. If you’re someone who has been fortunate enough to own your dream house and it is one of the “older models”, the good news is that in many cases, you’re in a house that’s built to last. The bad news is that, like anything in life, there can be complications that arise due to the wear and tear of time; this would include certain health hazards that tend to be pretty common in older homes.

Are you wondering what some of them are? Here’s a list.

Image via: B&B Finder

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Cracked Foundations

A lot of older homes were made out of cinder blocks or cement. Over time, due to weather, road construction or even work down on the home itself, cracks and leaks may occur. If water or mold get into those cracks, that can lead to very expensive structural damage. While they are sealants that can be applied to these cracks, they tend to be only a temporary solution. It’s wise to consult with a house inspector or contractor so that they can assess the magnitude of the damage.

Gas Leaks

Did you know that radon is the number two cause of lung cancer in the United States? This is another potential result that comes with having cracks in your foundation. It is estimated that one in every 15 homes is Radon-vulnerable and so whether you sense it or not, if you haven’t had the home thoroughly inspected before you made the purchase, contact a contractor to do a formal analysis.

Septic Tanks

One of the greatest challenges that comes with living in an older home is that plumbing system usually needs an upgrade. This means that there are usually cesspools and septic tanks somewhere on the property. Depending on how serious the issue is, you may need to have the septic tank drained or you might get the recommendation to it permanently removed.

Asbestos

Most of us are pretty familiar with what Asbestos is. It’s the insulation, especially in older homes, that is commonly used under vinyl floors and around radiators and water pipes. The reason why it’s a health threat is because upon contact, it sends up little puffs of toxins into the air. It’s actually something that remodelers cannot touch without having a permit. However, many of them recommend that unless there is some major damage with the insulation or what it’s attached to, it’s usually best to simply leave it alone.

Image via: Deb R.Pinterest

Lead paint

If you ignore this potential health hazard, you should probably look into some 2012 Medicare Advantage plans, just for safe measure. Lead paint is something that was relatively commonly used, both when it comes to the interior and exterior of homes, up until the late 1970s. Over time, this paint can chip and fall leaving particles of it in reach for little children and pets to put into their mouths. In kids, this can lead to damage of the nervous system, hearing problems and headaches. In adults, it can cause high blood pressure, reproductive issues and muscle and joint pain. Currently as many as one in 11 children have a high level of lead in their systems. If you haven’t repainted your home since moving in, contact an interior decorator or contractor to have your paint evaluated; especially for your children’s sake.

For more maintenance tips for your home on Stagetecture, click here.

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Protecting yourself when renovating

The problem with having a contractor and his crew doing renovations in your home is that these people are considered home workers (rather than, say, guests). They are not technically employees in your home, like a nanny, for example, so you don’t have to arrange for workers compensation coverage. And most contractors carry their own liability insurance to cover themselves and any crew they bring with them. Does that mean you’re off the hook? No. There are two reasons why you may still want to look into additional liability coverage when you have contractors working in your home.

First, the policy your contractor has may be bare bones, meaning a worker who is injured on your property could still come after you for any medical costs (or even punitive damages) not covered under his employer’s policy. Second, some independent contractors have no insurance to begin with. If you fail to ask you could be on the hook for accident and injury costs. In truth you should request a printed copy of your contractor’s policy before any work begins so that you have legal grounds for a grievance should an injured employee come after you rather than seeking coverage under his employer’s plan.

So why is liability insurance important?

Well, for the reasons listed above, for starters. If anyone is injured on your property the insurance will cover part or all of the associated medical costs. However, a good policy will also cover your court costs should you be sued. In short, it will protect you financially in the event that a contract worker on your property suffers from an injury. So now that you’re convinced, how do you go about getting this coverage?

Again, you should ascertain whether or not your contractor already has coverage. If he doesn’t, you should probably go with another vendor. But even if he does and you still want some extra protection, start by talking to your current insurance provider to find out what your homeowner’s policy covers, if you can tack on additional liability (and if there are any restrictions on removing it once the work is complete), and whether or not a beefier umbrella policy is necessary. Then seek out liability insurance quotes from other providers to see if you can get more coverage at a better price or use lower numbers as leverage to secure a discounted rate with your provider of choice. Liability coverage is a good idea any time you have workers in your home, but it’s especially essential when they’re doing a dangerous job.

For more home improvement ideas on Stagetecture, click here.

Happy DIY Saturday! It is the weekend and one of the top DIY projects is bathroom remodeling. Whether your bathroom is outdated with off color fixtures, or you want to upgrade to green plumbing fixtures, a weekend bathroom remodel could be on your list of things to do.

Image via: House Beautiful

Today, watch this video for staging your bathroom remodel into phases, but planning everything in the beginning to avoid wasting time, reopening up walls, etc.. You know that saying, “Measure twice, cut once” ? Yep, same mindset!  Then read my guest blogger’s post to accomplish a weekend half bath project in a weekend! Get going!

You Tube Video – Bathroom Remodeling Ideas on a Budget – Lowe’s

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Guest Blogger – Half Bathroom Makeover in a Weekend

Want an updated look for your small half bath? A weekend of work can pay off with a transformed space, and you won’t spend an arm and a leg!

1. Design it!

The project bathroom had a builder-grade vanity and dingy vinyl sheet flooring. The sink was very small and difficult to use, and the faucet had recently failed. Since it was going to take just as much work to install a new faucet as it would to install a new sink, the homeowners decided to tackle the entire project. They selected a new pedestal sink and polished chrome faucet, both square to complement the new square light fixture. New paint was picked for the walls, and natural stone tile for the flooring.

Image via: Decor Pad

2. Demolition!

All water lines were shut off to the toilet and the faucet, and then each was removed. Removal of a toilet can be made much easier with a large sponge and a bucket. After the water is turned off, flush the toilet a few times until the tank is mostly empty. Then, simply allow the dry sponge to soak up remaining water in the tank and bowl before squeezing it into the bucket. Repeat as necessary until the unit is mostly dry. Tip: it will not be completely dry and will leak when you move it, so rest it on a towel or on a boot tray once it is extracted from the bathroom. Also, be sure to work the toilet free by gripping the bowl, not the tank. Remove the wax seal from underneath the toilet, and also clean up the flange on the floor.

In this bathroom, the vanity had been glued to the walls and floor, and was removed with a small sledgehammer. The sheet vinyl flooring was cut at the door threshold and peeled up, revealing two additional layers of vinyl underneath. All earlier flooring was then removed to get down to the plywood subfloor. The door was measured to ensure it would freely open over the new tile flooring, and the door casing was trimmed with an oscillating multi-tool.

3. Paint!

Since the walls behind the former vanity had never been painted, but would be exposed and visible behind the new pedestal sink, the homeowner sanded and primed the blueboard so that it blended in smoothly with the remaining walls. Trim was painted white, and the walls primed and painted a shade of blue. Tip: have your primer tinted the same color as your finish paint.

Image via: The Perfect Bath

4. Floor!

The homeowners wanted a tile floor, and considered a few options. Large 12×12 inch tiles are inexpensive and look nice. 1-inch mosaic tiles are typically sold in 12×12 inch sheets with a mesh backing to help make installation easy, but are almost always substantially more expensive than the larger tiles. Since the flange and a few water lines passed up through the floor, several cutouts would be necessary in the tile flooring. The homeowners chose to install the more expensive natural stone mosaic tiles, as they’d be able to simply use scissors to remove individual 1-inch square tiles for the cutouts, rather than needing to rent a wet saw to cut the larger tiles. Additionally, the smaller tiles are much less likely to flex and crack underfoot, so they permit a somewhat less rigid subfloor.

The plywood subfloor was smooth and in good condition. EZMat underlayment was installed according to the manufacturer’s instructions. Then, the floor was tiled. Tip: read about the type of tile you are using to ensure that you seal it properly – some tiles require sealing prior to grouting, and then again after the grout has cured. Be sure to let the floor dry per the directions on the mastic and grout before moving forward. Finish the job by installing pre-painted quarter round or shoe molding around the perimeter and a transition threshold at the doorway.

5. Fixtures!

With the floor in and looking good, it was time to install the new sink. Pedestal sinks must be affixed to the wall, ideally directly into studs. Use a stud finder and make pilot holes in the locations where the sink bolts will go. Wall anchors can work if you’re unable to bolt the sink into studs. Just be sure the anchors are sufficiently strong to hold the heavy sink. Very large toggle bolts will do the job.

Install the plumbing components in the sink, test for leaks, the hang it on the wall, making sure that the drain lines up properly. Place the pedestal underneath the sink. Ideally, it will rest on the pedestal but be firmly affixed to the wall. The drain connections should be hidden behind the pedestal. Connect the water supply lines. Tip: when installing any new faucet, remove the aerator prior to running any water through the faucet. You’ll flush out any foreign material from the supply lines and from inside your new faucet instead of clogging the aerator.

Image via: The decorista

Use a new wax seal and install the toilet on the floor flange. While the tank is dry, it’s not a bad idea to swap out the old float mechanism for a new one, so do that too if the inspiration strikes. Connect the water supply, then turn it on and watch for leaks. Tip: place paper towels around the connection between the tank and the bowl, and around the base of the toilet for easy leak detection. Leaks can appear days later, so keep checking!

Following all precautions relating to working with electricity, replace the light fixture with a new, modern one. Add a toilet paper holder, towel ring and any other fixtures you desire to complete the transformation. Don’t forget to seal your tiles and grout after it has cured.

6. Enjoy!

With just a weekend and $500, you too can transform your outdated half bath into a modern space you’ll be proud to share with your guests.

Kiersten Gurry is an expert on home decor and works for FirstImpressionSecurityDoors.com. The company boasts an impressive variety of Phoenix security gates and Arizona iron spiral stair case options for homeowners and apartment buildings in the area.

For more kitchen & bath ideas on Stagetecture, click here.

Home renovation projects represent a method to increase your home’s equity in a significant manner. Many home renovation projects pay for themselves by increasing the home value in relationship to the cost of the home improvement. They can also be an effective way to make your home more attractive to potential buyers if you are looking to sell your home.

As positive as the renovation outcomes look in the end, they are often complicated and time-consuming. That’s why it’s important to carefully analyze what the renovation will entail and assess a realistic figure that is needed to finance the project. After this number is determined, you can explore the options that are available to help you finance your home renovation project.

Image via: Design Sponge

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Home Equity Loan

A home equity loan will tap into the amount of equity that you currently have in your home. You will borrow against this equity to receive the loan for the specified amount that you request. Current average home equity loans are 5.99% in America. Average mortgage rates in Canada for a five year fixed closed home equity loan is 3.39%. Mortgage rates can be higher or lower depending on a consumer’s spending. Variable rates are often based on the prime rate, such as Canada’s current prime rate of 3.0%.

Home Equity Line of Credit

A home equity line of credit is also secured by your home’s equity. The HELOC will typically be available to you for a variety of projects. You only pay interest on the amount that you charge to the line of credit, letting you have access to the funds if you need them, but you will not be billed until you incur charges on the account. Home equity lines of credit typically include a lower interest rate. For example, the average HELOC rate in the United States is currently 4.67% and is 3.0% in Canada.

Refinancing Your Mortgage

Another way to finance your home renovation project is to refinance your existing mortgage. This option is attractive because it does not require you to get a second loan on your home like you would require with a home equity loan. You can typically be expected to pay some upfront costs to refinance your mortgage, but then you can spread out the amount of payments over several years to have more manageable payments.

Image via: Laura Casey Interiors

Personal Loan

If your home renovation project is not extensive, or you do not want to tie up your assets with a home equity project a personal loan may be a good option. While the interest rate is typically higher for an unsecured loan is often higher, you can pay it off within a short period of time without having to use collateral.

Home renovation projects can add value to a home. Several options are available to help you finance the cost of the home improvement project that offer their own set of benefits and detriments that should be carefully assessed before making a final decision.

Samantha Kemp has a degree in economics and business. She has written extensively regarding home renovation projects, personal finance and home decor.

For more home renovation ideas on Stagetecture, click here.