Latest news with #homerenovation
Forbes
2 days ago
- Business
- Forbes
Today's HELOC & Home Equity Loan Rates: July 29, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home's value and pay that amount back in monthly installments. A home equity line of credit is a variable-rate second mortgage that draws on your home's value as a revolving line of credit. Both options use your property as collateral for your payments, which means your lender can seize your property if you can't repay what you borrow. Ideal for Medium-Sized Projects A $100K HELOC is suitable for more extensive renovation projects or other significant financial needs. Compare the rates and terms to find the best fit for your situation. Access More Funds for Major Investments For larger projects or investments, a $250K HELOC provides the necessary funds with various LTV options. Explore these rates to determine the right balance between borrowing capacity and risk. Maximize Your Borrowing Power If you have substantial equity in your home and need significant financing, a $500K HELOC offers a great deal of borrowing power. Evaluate these options to find the optimal rate and term for your goals. A 5-year term offers a shorter repayment period with typically higher monthly payments. These products are suitable for borrowers looking for a quicker payoff. With a 10-year term, borrowers can enjoy a balanced monthly payment while still building equity quickly. 10-year home equity loans are ideal for medium-sized projects or financial needs. A 15-year term provides lower monthly payments compared to shorter terms, offering more affordability while still progressing toward your financial goals. Offering longer repayment and lower monthly payments, 20-year home equity loans are suitable for larger investments and long-term financial planning. The 30-year term maximizes affordability with the lowest monthly payments. These options are best for substantial borrowing needs and long-term investments. The more home equity you have, the higher your net worth rises. Building wealth is vital to having long-term financial health, and home equity is one way to build wealth. Every time you make a mortgage payment, you increase your home equity, or how much you own of your home. The more equity you have, the more wealth you amass. A home equity line of credit, often referred to as a HELOC, lets homeowners convert the equity in a residential property into cash through a revolving line of credit that's secured by your home. When you get a HELOC, you can take the money available in installments as you need it and pay interest only on what you use. You'll calculate your home equity by taking your home's current value - based on its most recent appraisal - and subtracting it from your current mortgage balance. For example, say your home is valued at $500,000 and your mortgage's outstanding balance is $250,000. This would mean you have $250,000 in home equity, and your loan-to-value ratio (LTV) would be 50%. If you're looking for a home equity loan or line of credit, lenders usually only approve up to a certain LTV ratio. For example, some lenders require 80% LTV or less.
Forbes
3 days ago
- Business
- Forbes
Today's HELOC & Home Equity Loan Rates: July 28, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home's value and pay that amount back in monthly installments. A home equity line of credit is a variable-rate second mortgage that draws on your home's value as a revolving line of credit. Both options use your property as collateral for your payments, which means your lender can seize your property if you can't repay what you borrow. Ideal for Medium-Sized Projects A $100K HELOC is suitable for more extensive renovation projects or other significant financial needs. Compare the rates and terms to find the best fit for your situation. Access More Funds for Major Investments For larger projects or investments, a $250K HELOC provides the necessary funds with various LTV options. Explore these rates to determine the right balance between borrowing capacity and risk. Maximize Your Borrowing Power If you have substantial equity in your home and need significant financing, a $500K HELOC offers a great deal of borrowing power. Evaluate these options to find the optimal rate and term for your goals. A 5-year term offers a shorter repayment period with typically higher monthly payments. These products are suitable for borrowers looking for a quicker payoff. With a 10-year term, borrowers can enjoy a balanced monthly payment while still building equity quickly. 10-year home equity loans are ideal for medium-sized projects or financial needs. A 15-year term provides lower monthly payments compared to shorter terms, offering more affordability while still progressing toward your financial goals. Offering longer repayment and lower monthly payments, 20-year home equity loans are suitable for larger investments and long-term financial planning. The 30-year term maximizes affordability with the lowest monthly payments. These options are best for substantial borrowing needs and long-term investments. Two major ways you build home equity is when the value of your home goes up (appreciation) and the balance of your mortgage goes down. As you make ongoing, regular monthly payments to your mortgage, your home equity will increase and so will your wealth. Borrowing against your home equity lets you use money for major financial needs, including: Home improvements, upgrades or repairs Consolidating debt Making large payments on high-interest debt Educational costs HELOC rates are tied more closely to banks than are first-mortgage rates, which tend to track the performance of the bond market. The Federal Reserve , which controls the interest rates that banks charge each other, has signaled to investors that it expects to raise those rates several times in 2022 and beyond. You'll calculate your home equity by taking your home's current value - based on its most recent appraisal - and subtracting it from your current mortgage balance. For example, say your home is valued at $500,000 and your mortgage's outstanding balance is $250,000. This would mean you have $250,000 in home equity, and your loan-to-value ratio (LTV) would be 50%. If you're looking for a home equity loan or line of credit, lenders usually only approve up to a certain LTV ratio. For example, some lenders require 80% LTV or less.
Yahoo
6 days ago
- Business
- Yahoo
The empty nesters making a mint on their children moving out
Have you used a spare room in your home for a side hustle? We'd like to hear from you. Email money@ When her two eldest daughters left home to go to university, it didn't take long for Louise Mardon to make use of the extra space. For the past 18 months, she's rented out her children's bedrooms to brands including Amazon and Lumie, as spaces to take product photos. The now-spare rooms have also been used as hair and makeup spaces for photography happening elsewhere in the house, and as somewhere to store clothes being worn by models. Mardon, 51, lives in a five-bedroom, mid-century house in Cambridgeshire with her youngest daughter Eliza and husband Tom. 'The shoots started when the older two had left home and I worked them around my youngest (now 18). I couldn't have done it with the other two living at home as well,' she says. For Mardon, not only does hosting photoshoots from her home help to bring in some extra money, it also served as a distraction when her home got much emptier. 'If you're used to having a house filled with noise, to get some more bodies in, it's really good,' she says. Mardon previously worked as a hedge fund recruiter in London but when the pandemic hit, she decided against returning to commuting. She spent the next few years renovating her home, but only considered using it as a location house after talking to an interior designer friend, who had done the same. 'My friend, who's now my business partner, suggested I make the house into a shoot location, and I said: 'Why would anyone want a house in the middle of nowhere?', but I opened up my space,' she explains. She's now paid between £800 and £2,000 a day, either arranged through agencies or direct via her website, and secures bookings every couple of months. 'It's proved to be very lucrative,' she says. 'Shoot lengths vary from one day through to a week.' While some people may have qualms about letting whole teams of people roam around their home, Madron hasn't had any issues. 'One of the best things is that the shoot people are so lovely and respectful. Anything that is moved goes back. It's like the fairies have come,' she says. 'I tend to be here [when shoots take place], but you don't have to be. I give them a call sheet with things like the WiFi code, and I also provide biscuits and cold drinks.' Mardon's daughters may have gone to university, but they still use their old rooms occasionally. '[They] don't mind having people here in the slightest. Their rooms are left tidy and they get excited about it… On the whole, it's been a really positive experience,' she says. Only one shoot has pushed things a little too far for them: 'There were photos of people in their beds, pretending to wake up, which they found 'funny weird',' she says. 'The flip side is that, if we did Airbnb, there would be people in their beds all the time!' Despite the enjoyment Mardon derives from hosting shoots, she admits to having mixed feelings about her children leaving home: 'I'm excited for them and it's a new chapter, a new book really, but I love it when they come home.' She's now expanding her empty nest side hustle into a whole new business. The Shoot Academy, which she's launched with interior designer friend, Suzie Tipple, helps people set up similar ventures. 'I now teach other people how to do this,' she says. 'The course goes through how to get insurance, how much to charge, how to market your home, everything.' And, according to Mardon, any home is suitable. 'The reason people hire a home is that they want the authenticity you don't get from a studio. Our house is neutral, and the rooms are a nice size but, in terms of house type, anything goes. 'You can have avocado bathrooms, odd features, brutalist architecture, anything… It's about knowing the unique selling points of your house – it might be the location or a certain feature,' she says. 'It's a popular side hustle with women of my kind of demographic, who want something to fit around their lifestyle.' Mardon is certainly not the only one with a spare room ripe for a new purpose. Nearly 10 million homes in England had at least two unused bedrooms, according to the latest English Housing Survey – many of which will be the result of children leaving the family home. While many people will choose to downsize to a smaller property when this happens, the common issue of 'boomerang children' returning home is on the rise. Since 2006, the proportion of 25- to 34-year-olds who live in their parents' home has risen from 13pc to 18pc in 2024, according to research by the Institute for Fiscal Studies (IFS). As a result, many parents hold on to larger homes for longer. 'We're not keeping your room as a shrine' When Lisa Baptiste found herself with a spare room after her eldest son moved out, she transformed the space into a craft room. 'I've got one side dedicated to textiles and the other side is mixed media, with a Cricut machine, easel and a table,' she says. She sells crochet creations, flower brooches, cardigans and watercolours at Christmas craft fairs, on her Etsy page and at local markets. Baptiste, who is 60 and lives in St Albans, has two sons, the eldest is 30 and left home three years ago to travel the world as a scuba diving instructor. Her youngest son is 26 and plans to move out next year. Getting the extra space finally gave her the opportunity to expand her long-held hobby. 'I painted for 20 years as it was part of my therapy. People always liked my work so I thought I'd see if I could grow it. When my son left, I did,' she says. While transforming her son's room has been emotionally and financially rewarding, there was some initial resistance from him. 'I explained: 'Yes, it's been your bedroom, but you've left home and, even though you don't have your own home yet, we're not keeping it as a shrine',' she says. She offered to either sell his possessions, giving him the money, or pack everything away until he wanted it back. 'He wasn't happy with his Lego being moved,' she explains. 'The Millennium Falcon got broken up and put into boxes. I couldn't do it until I'd had a FaceTime [call] with him and gone through how it would be dismantled and put back into the original box.' The Lego safely stored away, she then went to Ikea and bought some Kallax shelves, which she filled with baskets of yarn. 'I have a stash that would make the haberdashery at John Lewis look underwhelming,' she says. Baptiste previously ran a profitable pet care business but when it took off, the newfound success took its toll, with her working seven days a week. 'I want [the crafting] to be a side hustle; I've run my own business, and… it's all-consuming,' she says. Instead, she plans to just work when she wants to. 'Side hustles are a fantastic opportunity to dip your toe in without having to give up on other things. It keeps the brain active.' Baptiste estimates her business brings in around £250 a month, but she's also an after-school art teacher and uses her craft room to test out creative ideas for the children. 'The side hustle has always been about healing and wellbeing, rather than making a fortune… The way I sell it to my husband is that it pays for my nails, hair, coffee and girl day trips out, and I don't have to ask him for this money,' she says. Like Mardon, she would also recommend making the most of an empty nest – particularly because of the mental health benefits. 'It's a big change having your children leave home. Doing this gave me focus and kept me occupied,' she says. 'It took my mind off the loss of him, the banter and the fun times… That hobby you've been doing, take it to another level – turn that hobby into a business.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
6 days ago
- Business
- Telegraph
The empty nesters making a mint on their children moving out
Have you used a spare room in your home for a side hustle? We'd like to hear from you. Email money@ When her two eldest daughters left home to go to university, it didn't take long for Louise Mardon to make use of the extra space. For the past 18 months, she's rented out her children's bedrooms to brands including Amazon and Lumie, as spaces to take product photos. The now-spare rooms have also been used as hair and makeup spaces for photography happening elsewhere in the house, and as somewhere to store clothes being worn by models. Mardon, 51, lives in a five-bedroom, mid-century house in Cambridgeshire with her youngest daughter Eliza and husband Tom. 'The shoots started when the older two had left home and I worked them around my youngest (now 18). I couldn't have done it with the other two living at home as well,' she says. For Mardon, not only does hosting photoshoots from her home help to bring in some extra money, it also served as a distraction when her home got much emptier. 'If you're used to having a house filled with noise, to get some more bodies in, it's really good,' she says. Mardon previously worked as a hedge fund recruiter in London but when the pandemic hit, she decided against returning to commuting. She spent the next few years renovating her home, but only considered using it as a location house after talking to an interior designer friend, who had done the same. 'My friend, who's now my business partner, suggested I make the house into a shoot location, and I said: 'Why would anyone want a house in the middle of nowhere?', but I opened up my space,' she explains. She's now paid between £800 and £2,000 a day, either arranged through agencies or direct via her website, and secures bookings every couple of months. 'It's proved to be very lucrative,' she says. 'Shoot lengths vary from one day through to a week.' While some people may have qualms about letting whole teams of people roam around their home, Madron hasn't had any issues. 'One of the best things is that the shoot people are so lovely and respectful. Anything that is moved goes back. It's like the fairies have come,' she says. 'I tend to be here [when shoots take place], but you don't have to be. I give them a call sheet with things like the WiFi code, and I also provide biscuits and cold drinks.' Mardon's daughters may have gone to university, but they still use their old rooms occasionally. '[They] don't mind having people here in the slightest. Their rooms are left tidy and they get excited about it… On the whole, it's been a really positive experience,' she says. Only one shoot has pushed things a little too far for them: 'There were photos of people in their beds, pretending to wake up, which they found 'funny weird',' she says. 'The flip side is that, if we did Airbnb, there would be people in their beds all the time!' Despite the enjoyment Mardon derives from hosting shoots, she admits to having mixed feelings about her children leaving home: 'I'm excited for them and it's a new chapter, a new book really, but I love it when they come home.' She's now expanding her empty nest side hustle into a whole new business. The Shoot Academy, which she's launched with interior designer friend, Suzie Tipple, helps people set up similar ventures. 'I now teach other people how to do this,' she says. 'The course goes through how to get insurance, how much to charge, how to market your home, everything.' And, according to Mardon, any home is suitable. 'The reason people hire a home is that they want the authenticity you don't get from a studio. Our house is neutral, and the rooms are a nice size but, in terms of house type, anything goes. 'You can have avocado bathrooms, odd features, brutalist architecture, anything… It's about knowing the unique selling points of your house – it might be the location or a certain feature,' she says. 'It's a popular side hustle with women of my kind of demographic, who want something to fit around their lifestyle.' Mardon is certainly not the only one with a spare room ripe for a new purpose. Nearly 10 million homes in England had at least two unused bedrooms, according to the latest English Housing Survey – many of which will be the result of children leaving the family home. While many people will choose to downsize to a smaller property when this happens, the common issue of 'boomerang children' returning home is on the rise. Since 2006, the proportion of 25- to 34-year-olds who live in their parents' home has risen from 13pc to 18pc in 2024, according to research by the Institute for Fiscal Studies (IFS). As a result, many parents hold on to larger homes for longer. 'We're not keeping your room as a shrine' When Lisa Baptiste found herself with a spare room after her eldest son moved out, she transformed the space into a craft room. 'I've got one side dedicated to textiles and the other side is mixed media, with a Cricut machine, easel and a table,' she says. She sells crochet creations, flower brooches, cardigans and watercolours at Christmas craft fairs, on her Etsy page and at local markets. Baptiste, who is 60 and lives in St Albans, has two sons, the eldest is 30 and left home three years ago to travel the world as a scuba diving instructor. Her youngest son is 26 and plans to move out next year. Getting the extra space finally gave her the opportunity to expand her long-held hobby. 'I painted for 20 years as it was part of my therapy. People always liked my work so I thought I'd see if I could grow it. When my son left, I did,' she says. While transforming her son's room has been emotionally and financially rewarding, there was some initial resistance from him. 'I explained: 'Yes, it's been your bedroom, but you've left home and, even though you don't have your own home yet, we're not keeping it as a shrine',' she says. She offered to either sell his possessions, giving him the money, or pack everything away until he wanted it back. 'He wasn't happy with his Lego being moved,' she explains. 'The Millennium Falcon got broken up and put into boxes. I couldn't do it until I'd had a FaceTime [call] with him and gone through how it would be dismantled and put back into the original box.' The Lego safely stored away, she then went to Ikea and bought some Kallax shelves, which she filled with baskets of yarn. 'I have a stash that would make the haberdashery at John Lewis look underwhelming,' she says. Baptiste previously ran a profitable pet care business but when it took off, the newfound success took its toll, with her working seven days a week. 'I want [the crafting] to be a side hustle; I've run my own business, and… it's all-consuming,' she says. Instead, she plans to just work when she wants to. 'Side hustles are a fantastic opportunity to dip your toe in without having to give up on other things. It keeps the brain active.' Baptiste estimates her business brings in around £250 a month, but she's also an after-school art teacher and uses her craft room to test out creative ideas for the children. 'The side hustle has always been about healing and wellbeing, rather than making a fortune… The way I sell it to my husband is that it pays for my nails, hair, coffee and girl day trips out, and I don't have to ask him for this money,' she says. Like Mardon, she would also recommend making the most of an empty nest – particularly because of the mental health benefits. 'It's a big change having your children leave home. Doing this gave me focus and kept me occupied,' she says. 'It took my mind off the loss of him, the banter and the fun times… That hobby you've been doing, take it to another level – turn that hobby into a business.'
Forbes
24-07-2025
- Business
- Forbes
Latest HELOC & Home Equity Loan Rates: July 24, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home's value and pay that amount back in monthly installments. A home equity line of credit is a variable-rate second mortgage that draws on your home's value as a revolving line of credit. Both options use your property as collateral for your payments, which means your lender can seize your property if you can't repay what you borrow. Ideal for Medium-Sized Projects A $100K HELOC is suitable for more extensive renovation projects or other significant financial needs. Compare the rates and terms to find the best fit for your situation. Access More Funds for Major Investments For larger projects or investments, a $250K HELOC provides the necessary funds with various LTV options. Explore these rates to determine the right balance between borrowing capacity and risk. Maximize Your Borrowing Power If you have substantial equity in your home and need significant financing, a $500K HELOC offers a great deal of borrowing power. Evaluate these options to find the optimal rate and term for your goals. A 5-year term offers a shorter repayment period with typically higher monthly payments. These products are suitable for borrowers looking for a quicker payoff. With a 10-year term, borrowers can enjoy a balanced monthly payment while still building equity quickly. 10-year home equity loans are ideal for medium-sized projects or financial needs. A 15-year term provides lower monthly payments compared to shorter terms, offering more affordability while still progressing toward your financial goals. Offering longer repayment and lower monthly payments, 20-year home equity loans are suitable for larger investments and long-term financial planning. The 30-year term maximizes affordability with the lowest monthly payments. These options are best for substantial borrowing needs and long-term investments. The more home equity you have, the higher your net worth rises. Building wealth is vital to having long-term financial health, and home equity is one way to build wealth. Every time you make a mortgage payment, you increase your home equity, or how much you own of your home. The more equity you have, the more wealth you amass. HELOC rates are tied more closely to banks than are first-mortgage rates, which tend to track the performance of the bond market. The Federal Reserve , which controls the interest rates that banks charge each other, has signaled to investors that it expects to raise those rates several times in 2022 and beyond. A home equity loan is a lump-sum loan that allows you to borrow money by leveraging your home's equity. The maximum amount you're allowed to borrow is based on how much equity you have in your home, up to the amount offered by that lender. These types of loans tend to have competitive interest rates since they're secured loans. Your home is used as collateral to secure the loan, meaning if you miss or fall behind on payments, you could face foreclosure.
