Move or Remodel: Hopewell Federal Credit Union Can Help

Solving the move-or-remodel dilemma starts by answering hard questions about money, social relations, life stage, and the future. It’s hard to find unbiased advice, says Dan Fritschen, who runs the website remodelormove.com. “The industry doesn’t make it easy to talk to experts and get real numbers. A good real estate agent should be able to discuss both moving and remodeling, but it’s difficult to get someone to talk through the options.”

The financial decision starts with a comparison of the total cost of moving and remodeling. Most sales start with some expenses for sprucing up the old place.

Experts ballpark moving costs at about 15% of the price of the new home, but this varies widely. Selling the house yourself can save the real estate agent’s commission.

Don’t get trapped by choosing the most expensive remodel. Cutting options without cutting corners will bring the best value.

After remodeling, you may need to wait many years to recover your expense. Each neighborhood has a ceiling price that will limit your sales price, no matter how fancy your remodel.

Hopewell Federal offers a HELOC product with rates as low as 3.25%APR*.  You can picture your dreams within reach.

The ideal solution for each family must reflect its values and requirements. Surprisingly, “The financial side is harder for people to digest” than the emotional side, Fritschen says. “I push, tell people they need to be cognizant of both.”

The biggest mistake, he concludes, “is not fully understanding and considering all your needs.”

Hopewell Federal can help regardless of your decision. If you’re looking to remodel your home, or move to a new one, we can get the ball rolling. Stop by or call us today at 740.522.8311.

 *Credit restrictions apply.  HELOC is available up to 90% of appraised value of home. Minimum loan amount = $5000.  No annual fee applies.  No closing costs.  The HELOC rate is based on prime rate and subject to change.  A mortgage will be placed on the home for the line of credit limit.  Federally Insured by NCUA.

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Work Your Home-Improvement Plan

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Whether you’re remodeling a home you’ve just bought or adding value to your existing home so you can stay in it longer, now’s the time to work on your own home-improvement plan.

A home equity line of credit (HELOC) can help you finance a renovation or remodel. With a HELOC here are just some of the changes you can make:

* Add more living space: Redesign your kitchen, expand your home office, or turn your bedroom into a master suite.
* Accommodate your changing family: Create a separate living area for a family member, open up your kitchen and dining area, or update your bathrooms.
* Personalize to fit your lifestyle: Add an enclosed porch, a three-season porch, or swimming pool.
* Become energy efficient: Replace your roof or windows, change to geothermal heating, or add solar.

The advantages of using a HELOC include:

* Potential tax benefits: Home equity interest payments are generally tax-deductible.
* Lower monthly payments: Interest rates on HELOCs are typically lower than credit card or personal loan rates.
* Greater financial control: With a HELOC, you withdraw and pay interest on only what you need when you need it.

First decide how much you need by making an accurate estimate of what the project will cost. If you’re hiring a contractor, start with a firm bid and add 10% for surprises.

If you’ll do the work yourself, list your materials, including quantities and costs, permit fees and equipment rental costs to get an accurate total. Add a cushion of 20% to 30% to be safe.

However you want to improve your home, Hopewell Federal Credit Union has home equity loans to suit your need.