Estimated read time: 5-6 minutes
There's no investment quite like a home. For many, it's an asset that can bolster wealth, expand opportunities and become a source of profit.
Staple reasons like these have long established home buying as a fixture of the American dream. While it's a foundational aspiration for many, the typical property owning experience is ever changing. From 2017 to 2024, the average sale price on a new home in Utah increased from $279,673 to $530,787, according to data from Zillow.
Due to the dynamics of the local real estate market, many Utahns have seen their property values increase. This spike has raised questions amongst homeowners regarding next steps and sparked interest in home equity line of credit options, known as HELOCs, from lenders such as Goldenwest Credit Union.
"Making key investments on a property is a critical step to increasing home value," said Laurie Stuart, a senior vice president at Goldenwest Credit Union. "Any opportunity an owner has to take on renovation projects or upgrade amenities can provide them with power over how their home ages as well as how much they can ask from prospective buyers."
Whether you're looking to increase your potential sales price, or add to the longevity of your forever home, here are great ways to improve your property using a HELOC.
How does a HELOC work?
A HELOC allows individuals to borrow against their home's available equity and have their property serve as collateral. A credit line that individuals can pay-down the balance of in monthly installments or all at once, interest is only paid on what's borrowed, making the funds accessible and easy to manage.
At Goldenwest Credit Union, for example, borrowers can move money from a HELOC to an account field from their mobile app, or receive a Visa Platinum Card linked to their credit line.
Increasing energy efficiency
Utahns are no strangers to rising energy costs. From February 2015 to July 2024, the average annual bill of a 700kWh/month user increased from $945.14 to $1,051.49, according to utah.gov. While rate hikes are inevitable, there are several ways to make a home do more with less electricity, and decrease expenses in the process.
One of the most effective ways to do this is by replacing appliances with Energy Star certified products. A label given to items that meet Environmental Protection Agency requirements, these models may not only cost less to run, but qualify for local rebates from Rocky Mountain Power and Enbridge Gas.
Similar benefits are also available for installing windows that decrease heat loss, as well as for taking on insulation projects.
"Capitalizing on opportunities to save like these provide owners with incredible short- and long-term benefits," said Stuart. "They make the living process a lot more enjoyable in a home, and lead to lower expenses moving forward. They also do a fantastic job at attracting potential buyers."
Roof and exterior repair
As the first barrier between a resident and the elements, few pieces of a home accomplish as much as a roof. It's for this reason that part of a house's value and insurability is tied to the material and age of what sits atop.
Often a project costing over $10,000, HELOC's provide users with opportunities to reroof their house and prevent potential wear. Similar to switching appliances, new roofs can also lower energy costs.
"What's great about reroofing is that it not only increases the resale value of a home, but also allows owners to set more on their terms," Stuart said. "For example, switching to metal shingles can lead to increased longevity. New roofs can also provide people with the opportunity to explore solar options, and see how alternative energy could work for them."
In addition to reroofing, upgrading the exterior of a home is an incredibly important step to setting a higher asking price. Along with painting and refinishing a home, few tasks help bolster curb appeal and buyer interest than yard renovations.
As a state renowned for its outdoor recreational opportunities, many individuals moving to Utah are searching for an outdoor living environment to help them enjoy the natural beauty of the area. Some of these changes can include adding a barbeque area and installing a deck — which can recoup up to 82.9% of a job cost in resale value, according to the Journal of Light Construction's 2024 Cost vs. Value report.
Updating living environments
While each buyer may have an aesthetic they want their new home to capture, none aspire to make their home feel outdated. According to the Journal of Light Construction's 2024 Cost vs. Value report, a kitchen remodel can recoup between 96.1% to 38% of the job cost during a resale, depending on the scope of the project. Bathroom renovations can also recoup between 96.1% to 32.6%.
"Investing in room renovations is a great way to use a HELOC," Stuart said. "These projects add to a home's identity, and can make a property easier to live in."
Many individuals have also used HELOC's to refinish basements. An opportunity to add living rooms, bedrooms and home offices, the National Association of Realtors 2025 remodeling impact report states that a basement conversion can recover 71% of costs in resale value.
HELOC's at Goldenwest Credit Union
An organization coming off of their 13th Best of State win in the past 18 years, Goldenwest Credit Union is celebrating their 89th business anniversary. To explore rates and apply for a HELOC, visit one of their conveniently located branches in Utah and Idaho, or see their website.
Goldenwest Credit Union is an Equal Housing Lender NMLS#440574.
