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.