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Using a HELOC to renovate your home while you’re in isolation

With so many Americans staying at home during the pandemic, many people are turning to home improvement projects to pass the time while also improving their living space. These projects can potentially add equity to your home, but they can also be a hit to your budget. Learn how a home equity line of credit (HELOC) can help you make your home renovation project an affordable adventure.

Transform your interior

After months of being at home, you might be thinking it is time to update a few different things in your space. Being able to do a few projects on your own can not only give you a sense of pride and accomplishment, but it can also teach you and your family a few new skills.

Inside your home, you might be able to work on:

  • Painting rooms or adding wall décor
  • Taking down walls to create an open floor plan
  • Installing new flooring
  • Finishing your basement
  • Updating your bathroom fixtures
  • Updating light fixtures throughout your home

This variety of projects can range from a couple hundred to several thousand dollars, depending on your home and your finishings. A HELOC can help you tackle some of the projects on your list and add new equity to your home.

Creating curb appeal

With the cooler fall months on the horizon, there are several different projects you can accomplish to help add value and curb appeal to your home.

  • Landscaping
  • Repainting or touching up your exterior
  • Updating garage doors
  • Adding energy efficient panels
  • Updating your backyard space by adding a new patio, re-staining the deck, installing lights, etc.
  • Replacing or repairing your roof

These are just a few examples of projects you can tackle—even if you’re in your house nearly 24/7. And, with the financial help of a HELOC, you can avoid dipping into your savings account.

Prepare for any home project

One thing is to keep in mind is how you want to plan for these projects. With so many people working on home improvement projects, there is a lumber shortage‡ across the country. Be sure to plan ahead to ensure you can get all the materials you need to start and finish your project.

Also, don’t be afraid to ask for help if it works for your budget. Many home repair and renovation professionals have implemented COVID-19 precautions while they work, so you can access their experience and support.

Your banker or financial advisor can talk with you about how a HELOC can work best for you. Your CPA can also check if the interest on your HELOC used for capital improvements can be tax deductible if it falls within the home debit limit.

Together with your financial team, you can review your home equity options, all of your financial assets and liabilities and discuss payment structure and terms to ensure you are making strategic financial decisions for you and your family.

UMB offers convenience and simplicity to meet all your financial needs. From home loans to private banking services and everything in between, see how UMB personal banking works with you to find the right products for your life and lifestyle.


When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

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When you click links marked with the “‡” symbol, you will leave UMB’s Web site and go to Web sites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other Web sites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.