When you purchase a home, you commit yourself to creating a habitat that is solely your own. Everything you do, plan, and invest involving your home should contribute towards the overall value of it.
A home equity line of credit or HELOC is a popular borrowing option for homeowners, but is handled differently than a home equity loan or HEL. With a HEL, you receive your money up front.
Not all homeowners will renovate their homes, with some people choosing to upgrade to a new home instead of undertaking a time-consuming and costly renovation. With home prices down nearly across the board, buying a home now can be a sensible alternative to renovating your current residence.