Financial Tips

Tips to Tackle Home Improvements this Spring

We spend several months trapped inside during the winter months due to weather and shortened daylight hours. With so much time on our hands stuck inside we often evaluate everything around our home we would like to fix or improve. Well, the time has come. Spring is here and there is no better time to begin planning your home improvements. Here are few steps to get you started:

Create a budget – Take an honest look at your finances to determine how much you can afford to spend on home improvements right now. Knowing your budget in advance can help you prioritize what projects to tackle first.

Determine your needs and wants – Create a list of the projects and then consider where each should rank as a priority. For example: you may need a new roof, but want to update the kitchen. You may need new carpet, but want to put in a pool. You can then determine what projects can be addressed based on your pre-determined budget.

Speak with Professionals – Depending on the size of your project, you may need to speak with a contractor and even an architect who can determine a realistic budget. Ask friends and family for referrals and be sure to consult with more than one contractor to ensure you’re getting a fair price.

Consider Financing Options – Interest rates are still considerably low which can allow for cost-effective options such as a home equity loan or line of credit to fund your project. If you need a loan to complete your home improvements, consult with your bank’s loan specialist or mortgage representative.

Consider your Savings – Despite having a pre-determined budget, it’s not uncommon to encounter problems or elect to make additional changes or upgrades that require additional funding. It is important to have a plan for this so you are not forced to completely deplete your savings or use a high-interest credit card. After your projects are complete, these tips can help you rebuild your savings.

Tackling home improvements may seem daunting, but with a plan, budget and the right financing in place you’ll be ready for warmer weather in no time.

 

 Equal Housing Lender. Univest Bank and Trust Co. is Member FDIC and an Equal Opportunity Lender.


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