The process of a home renovation can be overwhelming, but there are many things you should consider before starting. From the layout to kitchen appliances, it’s important to get your priorities in order before jumping into anything. Take a look at these five points and see if they apply to you!
This is a sponsored post by South Bay Credit Union – For a limited time, offering a Home Equity Line of Credit, also known as a HELOC.
5 Things to Know Before Starting a Renovation
- Get a contractor, designer or architect to help you plan the renovation
- Get recommendations from friends/family or even a local FB group like Local Anchor.
- Get multiple estimates to compare – make sure they are as detailed as possible to avoid any surprises. Are all materials included? Any additional expenses that you should be aware of that are NOT included?
- See if your contractor has experience working with the city in which the work will be done. Although this doesn’t need to be a deal breaker, it helps to have someone work on your home that has experience dealing with your city department.
- See what their timeline is to start and complete the project and will they guarantee a completion date and a penalty fee if they don’t complete the project by the agreed upon date.
- Check for any permits required before starting work on your home. Permits may vary from city to city.
- Make sure you have enough space in your garage or driveway for all the materials and equipment needed during your renovation.
- Be realistic about how long it will take to complete the project, but know that things may come up and delay your renovation timeline.
- Know your budget. Make sure once you get your estimate, that you budget for unexpected costs. When trying to figure out your budget, did you know you can get a Home Equity Line of Credit (HELOC) from SBCU? You can now borrow up to $500,000 (or 80% of appraised value, less 1st Trust Deed, owner-occupied). Borrow what you need when you need it, and as you repay your principle that money becomes available to borrow over and over again. The interest on a HELOC may even be tax deductible (check with your tax advisor for details).
For a limited time, South Bay Credit Union HELOC includes:
- NO interest for 6 months
- Low Rates
- One-time fee of $300
- NO annual maintenance fee
- 10-year interest-only payments (draw period)
- Terms up to 25 years
This offer will be available through June 31st, 2021. For more information and to apply for their HELOC Promotion, visit southbaycu.com/heloc
What is a HELOC?
Watch our video:
Homeowners in the South Bay with equity in their property. Similar to applying for a refinance or personal loan, you’ll need to provide documents that illustrate you will be able to make payments through earned income.
How much money can you get?
You could qualify for up to $500,000 (or 80% of appraised value, less 1st Trust Deed, owner-occupied). Credit lines are based on credit score, income and debt.
What can you use the money for?
Anything you want. From paying off high interest debt to buying a car or even going on that family vacation that you’ve been putting off. You’ll have convenient access to your credit line through HELOC checks, Automated Telephone Banking, Online Banking, or any of our branch locations.
What’s the catch?
No catch. Borrow what you need from your credit line, when you need it. As you repay your principal, that money becomes available to borrow over and over again over the course of your credit line term.
About South Bay Credit Union
Established in 1953, South Bay Credit Union is a member-owned not-for-profit financial cooperative proudly serving anyone who lives, regularly works, attends school or worships in the area known as South Bay in Los Angeles County, California. Their mission is to uplift communities by empowering their members to live better and do better. Members own the Credit Union, not shareholders. That means, all the profits that they bring in go right back out to their members in the form of dividends, rebates and lowered interest rates. And they do it with a warm smile and a happy heart. Visit southbaycu.com for more information.
We thank South Bay Credit Union for all of their support on our community projects, learn more: