Remodel for Comfort, Not for Show

During the housing gold rush, many homeowners viewed their houses as profit engines, not places to stay for the long haul. When they remodeled, they focused first on boosting the home’s resale value.

Now, though, many people can’t sell their home or afford to buy a new one. A recent poll by the National Association of the Remodeling Industry, Des Plaines, Ill., found that 26% of homeowners plan to stay an additional 16 years to 20 years in their homes because of decreased home values, while 23% say they’ll stay an additional six years to 10 years.

Thus, resale value no longer comes first in making remodeling decisions, say those in the remodeling industry. Instead, homeowners care most about making their homes more livable. And they’re doing so on a budget.

Bathroom remodels now outnumber kitchen makeovers, a reversal of the trend before 2010, according to the Remodeling Market Index (RMI) of the National Association of Home Builders, Washington, D.C. The RMI survey of remodeling contractors for the first quarter of 2012 found that 78% of respondents said bathroom remodeling was one of the most common jobs they did, compared with 69% for kitchens. Contractors point out that bathroom remodels are easier on the budget than kitchen re-dos.

After bathrooms and kitchens, the next four most common remodeling jobs reported in the RMI survey for first quarter 2012 were:
• Window and door replacements (44%)
• Property damage repairs (36%)
• Whole-house remodels (35%)
• Room additions (33%)

Whatever type of remodeling project you decide to do, you’ll want quality work and affordability. Look for those same features in your remodeling loan. Talk to the professionals at Hopewell Federal Credit Union about your financing options.  Stop by or call us today at 740.522.8311.

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Prepare Finances Before Buying Your First Home

Thinking about buying your first house?  To make the preapproval process seamless, assemble these financial documents:

1. Your credit report. Obtain a copy as early as possible and scour it for accuracy. Pull your credit report six to 12 months before you seek preapproval so you have time to rectify any unexpected issues or mistakes. Each major credit bureau must provide one free credit report annually to consumers requesting a copy. To obtain a report visit annualcreditreport.com or call 877-322-8228. It works well to order your report every four months from a different credit bureau.

2. W-2 forms. Make copies from the past two years.

3. Paystubs. Copy your two most recent ones.

4. Financial account statements. Collect statements (including retirement accounts) from the past few months.

5. Lines of credit. If you have opened any in the past six months, you’ll need copies of those statements as well, since they might not show up on your credit report.

6. Information on vehicles you own. Include make, model, and resale value.

7. Credit card account information. Include numbers and types of cards, balances and minimum payments.

8. Auto-loan account information. Include account numbers and statements.

9. Other loan account information. Think student loans and personal loans.

10. Gifts. If you’re fortunate enough to have any money for your down payment gifted to you, identify how much and where it will come from. Be prepared to document that it’s a gift and not a loan.

Once you have all your documents and personal financial information assembled, you’re ready to get preapproved at Hopewell Federal Credit Union. Stop in or apply online today.

Copyright 2011 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
 

Hopewell Federal currently has two homes for sale.  Click on these links to learn more.

 4615 Linville Rd, Newark, Ohio

 

 

 

8277 Linville Rd, Newark, Ohio