Spring is Here – It’s Time for Home Improvement
By Domi Garcia, Assistant Loan Officer Onarga Office
What is it about spring that makes us want to get to work on our houses and yards? Maybe it’s the inspiration of nature with the fresh appearance of buds, flowers, new leaves, and green grass. Or maybe it’s the increased warmth and sunlight that give us the extra energy to tackle a new project. Whatever the reason, it’s undeniable that spring is a great time to start that home improvement project that you’ve been contemplating all winter.
And if you are thinking about starting a project, you have a few questions to answer. Who is going to do the work? How soon do you need it done? And the big ones: How much is it going to cost? How are you going to pay for it? Whether you are looking at a relatively small project like adding a deck or patio or replacing your windows or you are considering a major endeavor like putting an addition on your house or building a new garage, it is important that you get these questions answered before you get started.
The first step in any project should be to find out what the project will cost. Before you buy any materials, start with demolition, or hire a contractor, you need to gather all the necessary information and estimates and create a project budget, even if it is just a simple list of all expenses. With the cost information in hand, you are able to decide how you can pay for the project. Do you have money in savings to cover the expenditure? If not, how will you secure financing?
A great option available to home-owners is a HELOC (Home Equity Line of Credit). As you invest in your home, it makes sense to use the equity that is already in your home to finance that investment. HELOCs feature variable rates which are tied to the prime interest rate and flexible repayment terms, usually only requiring a monthly payment which covers the monthly interest on the loan. If you would like more information about HELOCs with Federated Bank, call or stop by one of our local branches. We will help you get started on that first step in your spring home improvement project.
