National Home Ownership Month

Family with dog outside of house

Keeping your home updated makes money sense

Even if you’re planning to stay in your current home for many years, there will come a day when you’re ready to sell it. For most people, a home is the largest asset they own, and they hope it will increase in value so they can either step up to a nicer home or fund the retirement lifestyle they’ve dreamed about.

When longtime homeowners go to sell, they find that the selling price is less than they expected. The reason? They’ve overlooked making updates to their home. For example, a home’s kitchen may be attractive, but the appliances and color choices reflect what was popular two decades ago. When prospective buyers see the kitchen, they know they’re going to have to invest time and money.

June is National Homeownership Month, and it’s a good time to take a fresh look at your home to see what may need to be updated. By keeping your home’s appearance and features up to date, you’ll be more likely to get more for it when it’s time to sell.

There are many ways to get a better sense of what today’s buyers are after. You can visit websites, watch renovation shows on TV, and leaf through magazines. It’s also a good idea to attend home shows and tour open houses hosted by local realtors or builders. In addition to noticing colors and features, pay attention to what other people are looking at and discussing.

If you’re thinking about selling your home in the near future, there are several ways to enhance what realtors call its “curb appeal.” For example, repainting or replacing the front door or replacing prominent windows can give your home a whole new look. Freshening up or adding landscaping in the front yard often does the same. Indoors, putting a fresh coat of paint on a room can dramatically improve its appearance. Usually, it’s best to use neutral colors, because very bright or very bold colors may turn many buyers off.

An easy way to get the money you need to make those improvements is with a home equity line of credit (HELOC) from Indiana Members Credit Union. A HELOC lets you borrow against your home’s equity, which is the part of the home’s value that belongs to you. For example, if your home is worth $250,000 and you have a $100,000 mortgage balance, you have $150,000 in equity. With a home equity line of credit, you can borrow up to 95% of the value of your home, based on certain criteria. The money is available whenever you need it, and accessing your equity is as easy as writing a check. Plus, Indiana Members Credit Union has a special HELOC offer with an introductory rate of just 1.9% APR1 for 180 days.

Already have a HELOC from Indiana Members Credit Union?  Did you know that if you advance $10,000 or more between April 1, 2022 and July 31, 2022, the total advanced will receive a special rate of 1.9% APR2 through December 31, 2022?

We’re also a great choice for the mortgage on your next home. Indiana Members Credit Union has a variety of great mortgage programs so you can choose the loan that best meets your needs. Learn about our HELOCs and mortgages on our website or call us today at 317.817.9700!

1Annual Percentage Rate. This rate (effective 06/01/22) is a special limited time offer and subject to change without notice. This rate is only available for owner occupied single family residences. Certain restrictions and conditions apply. Introductory rate of 1.90% APR applies to new home equity lines-of-credit opened on or after 06/01/22 and does not apply to refinances of existing IMCU home equity lines. After the first 180 days, all balances convert to the variable rate APR based on an index of the Prime Rate published in the Wall Street Journal. (As of 06/01/22, APRs are 4.00% (Prime Rate) to 6.50% (Prime Rate + 2.5%), with a maximum rate of 21% or highest rate allowable by law. LTV is based on the Indiana Members Credit Union approved valuation method. For HELOCs $400,000 and greater, additional fees may be required for appraisal, title search, flood determination and filing fees. Property owner must supply proof of insurance. Existing IMCU home equity lines may be eligible for interest only payment option. Consult your tax advisor regarding deductibility. Indiana Members Credit Union is federally insured by the National Credit Union Association. Equal Housing Lender. NMLS 402492.
2Annual Percentage Rate. This rate (effective 6.01.2022) is a special limited time offer and subject to change without notice. This rate is only available for owner occupied single family residences. Certain restrictions and conditions apply. 1.9% APR applies to an aggregate of $10,000 or more in advances between January 15, 2022 - July 31, 2022 and does not apply to refinances of existing IMCU home equity lines. After Dec. 31, 2022, all balances convert to the variable rate APR based on an index of the Prime Rate published in the Wall Street Journal. ( As of 06.01.2022, APRs are 4.00% (Prime Rate) to 6.50% (Prime Rate + 2.5%), with a maximum rate of 21%, or highest rate allowable by law. LTV is based on the Indiana Members Credit Union valuation method. For HELOCs $400,000 or greater, additional fees may be required for the appraisal, title search, flood determination and deductibility. Indiana Members Credit Union is federally insured by the National Credit Union Administration. Equal Housing Opportunity Lender.