Some people love to work on their own homes, and others are all thumbs and dangerous around a hammer and nails. Regardless of whether they are a do it yourself type or feel more comfortable relying on a professional contractor, consumers who want or need to renovate their home have one thing in common, they all need cash to make it happen.

A second mortgage loan or home equity line of credit can be the way to go for many home owners who find themselves either wanting, or absolutely needing, to make renovations to their home. Whether you are plagued by bad plumbing or a leaky roof, or just want to update that shabby old kitchen with some new cabinets and tile, borrowing against the equity in your home can be a great way to improve your family’s enjoyment of your home as well as its market value.

However, remember that some home improvements, such as whirlpools, elaborate gardens or other high maintenance additions, will not necessarily increase, and may indeed actually have a negative affect on, the home’s resale price. Check with your real estate agent to discuss how the renovations you are considering are likely, in his or her experience, to impact your house’s market value.

Regardless of what type of improvements you have in mind, the flexibility of a home equity line of credit is often a good fit with financing home renovations. The costs of labor, material and other related expenses can be hard to predict, and a home equity line of credit allows you to hedge against the possibility of going over budget without borrowing more than you need.