Case Study: How a Utah Homeonwner Renovated Her Property Before Selling with Trovy

How a Utah Homeowner Chose Home Equity Over Credit Cards for Her 2nd Home Sale

Sarah owned a second home in Park City that she had been renting out for several years. With the Utah real estate market showing strong appreciation, she decided it was the perfect time to sell. However, the property needed significant updates to maximize its sale price – new flooring, fresh paint, kitchen updates, and landscaping improvements.

The estimated cost for all improvements was $35,000, and Sarah’s real estate agent assured her these updates could increase the home’s value by $60,000-70,000. The challenge was financing these improvements upfront.

The Original Plan (Before Trovy)

Sarah’s initial plan was to put all renovation expenses on her credit card, which carried a 28% annual interest rate. She calculated that even if the home sold within 90 days, she would pay:

• Principal: $35,000
• Interest (3 months at 28% APR): Approximately $2,450
• Total cost: $37,450

If the sale took longer – which is always a possibility in real estate – the interest charges would continue accumulating at nearly $817 per month.

The Trovy Solution

Instead of using high-interest credit cards, Sarah applied for a Trovy HELOC. Within days, she was approved for a credit line that offered:

• Access to funds: $35,000 needed for renovations
• Interest rate: 7.5% APR (compared to 28% on credit cards)
• Flexibility: Only pay interest on funds actually used
• No prepayment penalties: Could pay off immediately when the house sold

The Results

Sarah used her Trovy HELOC to fund all the pre-sale improvements:

• $12,000 for new luxury vinyl plank flooring throughout
• $8,000 for kitchen cabinet refacing and new countertops
• $6,000 for professional interior and exterior painting
• $5,000 for landscaping and curb appeal improvements
• $4,000 for staging and miscellaneous updates

Sarah saved money with a lower monthly interest rate on her credit. Beyond the immediate savings, Sarah avoided the stress of high credit card balances and the risk of accumulating debt if the sale takes longer than expected.

Key Takeaways

• Strategic financing matters: The difference between 28% and 7.5% interest rates saved Sarah significant money
• Speed and convenience: Trovy’s quick approval process allowed Sarah to move forward with renovations immediately
• Flexibility pays off: Having access to funds without rigid repayment schedules reduced stress during the selling process
• Return on investment: The $35,000 in improvements increased the value of her second home

Sarah’s experience demonstrates how the right financing tool can turn a potentially expensive renovation project into a highly profitable real estate transaction.

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