Many families spend a significant amount of time cooking and enjoying meals with loved ones in their kitchens. Planning a facelift for your kitchen could be the perfect upgrade that everyone can enjoy. Even switching up just a few things can make your kitchen look brand new. And incorporating new design trends and installing modern appliances add to the value of your property if you’re planning to sell in the future.

You might read this and think that a kitchen update is out of reach financially for you, but it actually might not be. As a homeowner, you may have the option to use a cash-out refinance for home improvement.

Here are five ways to upgrade and get your dream kitchen this year and a tip for easily covering the cost.

1. Change the flooring and lighting

Flooring is often a neglected aspect of kitchens. If you feel that your flooring isn’t in sync with the rest of your kitchen, consider swapping out the old linoleum for wood, ceramic, tile or laminate flooring. Not only do these materials last much longer, but they also add to the aesthetics and value of your home.

Similarly, lighting can make a huge difference to your kitchen, making it much easier to work in or even changing the ambiance. Get rid of old fixtures and dingy lighting and replace them with modern styles—perhaps a pendant light right over your island or peninsula. Depending on your preferences, you can opt for track or task lighting. Adding a dimmer switch is also an excellent way to make your lighting more versatile, depending on whether you are cooking or just sneaking into the kitchen for a midnight snack.

You can even consider adding some under-cabinet lighting using LED strips to make it easier to access these areas. Plus, most options are energy efficient, which can help you save on your electric bills.

2. Update your countertops

Your countertops occupy prime real estate in your kitchen. They are often a focal point, but they are also huge for functionality. Since you carry out all the heavy-duty work on your countertops, it’s important to replace them periodically. Plus, a countertop upgrade can increase the resale value of your home, making a cash-out refinance for home improvement well worth it.

Tile-and-grout or laminate countertops may look dated in your otherwise modern house. Luckily, there are endless options available for you to choose from. Marble, granite, porcelain, wood, quartz and stainless steel—there is something to suit every style and budget. As some countertop surfaces are more porous and may need periodical sealing, such as granite or marble, take into account the time and effort needed for these options. If you prefer low maintenance, choosing nonporous and non-absorbent surfaces such as quartz or stainless steel is advisable.

3. Add a fresh coat of paint and decor

One of the easiest ways to upgrade your kitchen is by adding a fresh coat of paint to your cabinets. You can opt for an old farmhouse fee with a distressed finish. Want your kitchen to stand out? Opt for a glossy finish. Eager to play it safe but want to look more modern? Choose a semi-gloss finish.

To amp up the look of your kitchen even more, consider adding small decorative touches, such as an elegant lamp on the countertop or a collection of glass bottles on a silver tray. You can also place small plant pots on a windowsill and create a mini-indoor kitchen garden.

4. Change out hardware

Want to instantly add character to your kitchen? Simply replace your hardware. Old knobs and drawer pulls can make your cabinets look dull and dreary. If you want new cabinets but don’t want to spend too much, investing in high-quality hardware is an excellent option.

Since you and your family use these daily, choose a style that is easy to maintain and clean. It should also fit the old hardware’s drill length so that you can install them quickly. And don’t worry about matching the hardware you choose to your appliances or sink. Adding different textures and metals can up the aesthetic and add an interesting visual element to your kitchen.

Additionally, ensure that you pick something that is functional. While some styles are great to look at, they are not very easy to use. Once the novelty wears off, it can be quite a task to have them in your kitchen, especially if you have any family members with limited dexterity.

5. Go for an appliance upgrade

Over the past few years, smart kitchen appliances have taken the market by storm. There is a huge variety to choose from—from smart refrigerators where you can stream videos to smart oven ranges that turn on and off automatically and adjust the temperature based on what you are cooking. Opting for a kitchen appliance upgrade can instantly improve the functionality of your kitchen. And maybe this is the perfect opportunity to replace any malfunctioning appliances in your kitchen.

Even if you don’t install smart appliances, you can always replace your existing appliances with Energy Star-certified appliances. This is a great way to reduce your home’s carbon footprint, and it’ll help you save money on electricity. Best of all, many states offer rebates and incentives for upgrading to Energy Star appliances.

Cash-out refinancing for home improvement

Kitchen upgrades are a great way to refresh your home, give you a more functional workspace and increase the resale value should you plan to sell in the future. It’s a worthy investment, and you can actually pay for it using your current home loan for a cash-out refinance. A cash-out refinance is simply refinancing your home for a greater amount than you currently owe on your existing loan. You can then use those extra funds to reinvest in your home.

A good lender such as Solarity Credit Union can provide you with a cash-out refinance for home improvement so that you can give your kitchen the upgrade it deserves. If you live in Washington State and would like to know more, get in touch with us. Our Home Loan Guides can answer your questions and help you make your kitchen upgrade a reality.