heloc, home equity loan or refinance for backyard/ kitchen remodel?

In addition to the home equity loan or cash out refinance option, you can also use a renovation loan to do either or both of the improvements. A renovation loan will order an appraisal of the home based on the value with the improvements COMPLETED, where either of the options will be based on the current value. Kitchens and backyard/outdoor kitchens generally return a lot of value to the home but I recommend you talk to a knowledgable local Realtor who knows your market. pdumouchel@primelending.com if I can help.

It depends on many factors, including what your current loan looks like versus what you could get today on a cash out refinance. But with you looking to sell in a couple of years, more than likely the small stand alone home equity loan is going to be better.

The advantages of a HELOC are low closing costs and ease of getting it done. It will likely have a higher interest rate. But, if you are only going to be there for a couple more years, you will likely spend less in increased interest that the savings you will see from not paying the closing costs of a refinance. --- In regards to the ROI of the improvements - you should talk to a REALTOR about that.

Your increased loan amount may exceed the increase in value.