If you’ve been thinking about give your home some updates, now may be a good time to move forward with home improvement projects. Giving your home a facelift can increase your home’s value now and down the road if you’re considering selling. Bethany Johnson with Navigator Credit Union’s Mortgage Services joined us on Studio10 with some advice if you’re thinking about starting this journey.
Renovations with best return on investment
Some home improvement projects with the greatest return on investment don’t have to cost a lot. According to a recent report, sellers recoup 66 cents of every $1 they spend on the average remodeling project. Here are some ideas which will give the biggest bang for your buck. *
•Garage door replacement: 98.3%
•Manufactured stone veneer: 97.1%
•Entry door replacement (steel): 91.3%
•Deck addition (wood): 82.8%
•Minor kitchen remodel: 81.1%
Finding a contractor
Choosing the right contractor can make the difference between a successful home renovation project and a disaster. First, figure out the right contractor for your project then ask for referrals from family, friends or even online. Once you’ve found a few prospective companies, begin your research with an introductory call, asking a series of preliminary questions about work history, licensure and more:
•Have you completed a job similar to this before?
•Do you have a list of references I can contact?
•Are you licensed to work in my area?
•Are you bonded and insured?
•When would you be able to start the job?
When you’re ready to hire, signed a detailed contract. It should spell out exactly what will be done, including deadlines, progress payments, the exact materials to be used and who will provide which materials.
Financing your project
If your remodel will require financing, now is a great time. Home prices are rising, meaning you can borrow more against the equity of your home. With Navigator Credit Union’s Home Equity Line of Credit (HELOC), you only pay interest on what you borrow and your interest may be tax-deductible. ** You can also borrow as much as you need – up to your approved limit – at any time during the draw period.
If you’re still in the planning stages, you can get ready for your future dream project by setting aside cash now. Place the money in a savings account and you can start earning interest too.
*Source: Remodeling magazine 2018 Cost vs Value report https://www.remodeling.hw.net/cost-vs-value/2018
About Navigator Credit Union
Navigator has served communities on the Coast for 80 years. In 1939, the credit union began offering savings accounts and loans to local shipyard workers who, until then, did not have access to financial services. Today, Navigator is a full-service financial institution offering innovative financial services such Save’N Up Debit card savings program and Credit Builder Loans, as well as interest-bearing checking accounts, high-yield savings plans, unlimited rewards credit cards, mortgage services, competitive vehicle loans, retirement planning and more. Visit navigatorcu.org or call 800-344-3281 for additional information.