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Is It The Right Time For Your Kitchen Renovation?

Staff | 19 March, 2021

Mortgage rates in 2020 were dropped due to the Federal Reserve lowering rates in response to COVID-19. This was done to help the economy recover amid the COVID incited shutdown, and the good news is that the Fed said interest rates will be kept at near zero until at least 2023. If you’re thinking about making some home improvements, now is the perfect time to make your move.

With the increased amount of time we’ve been spending at home over the past year, many of us have become super aware of certain areas in our homes that could use a little makeover. From the outdated kitchen cabinets, overcrowded garages, or countertops that really show their age, some of us have probably already started to make remodeling plans. 

Kitchen and baths are very popular remodeling choices. In fact, it experienced a 40% jump in demand in June of last year. In terms of the return on investment for home improvement projects, experts have shared that kitchen and bathroom renovations yield the best return on investment if you ever decide to sell your home. According to Remodeling magazine, kitchens recouped 62.1% and bathrooms 67.2%

At the start of the year, we featured an article that gave the 21 latest kitchen design trends for 2021, check it out here. If you’ve decided to take advantage of these historically low-interest rates to spruce up your kitchen, it’s important to stay on-trend with designs that are in line with your style and the overall look and feel of your home. You can also check out this handy article where our in-house designers shared some guidelines to follow when creating a beautiful and functional kitchen.

In conclusion, using your home equity to finance a home remodeling project may be a smart decision, especially as interest rates remain low. The average home equity loan rate is currently about 5.1 percent APR, and the average HELOC rate is about 4.52 percent APR. We encourage you to consider the pro, cons and research the best deals on home equity loans right now. Remodeling projects are already expensive enough so this difference in the interest rate can save you thousands in the long run.

At Eudy’s Cabinets, we take pride in being the Carolina’s #1 choice for superior luxury custom cabinets and countertops. We have a team of sales reps and designers at your disposal who can advise you on developing an efficient floor plan, materials, and appliances for your kitchen remodeling project. We want to help you add value to your home for years to come! Give us a call today to learn more (704) 888-4454.