Lifestyle

Makeover Basics

Get the Best Return on Your Home Renovation

When you first purchased your home, you probably felt like you were on top of the world. Typically, you choose your new house because it fits your lifestyle the best. But as time goes on, that same home will surely require routine maintenance or new upgrades, either to keep up with your life changes or to remedy the typical aging of appliances, rooms, and structure.

So, how do you know what renovations to consider when trying to increase the value of your home? To help you decide which home projects will provide the positive return you’re looking for, we’ve compiled a list of renovation hits — and misses!

Fortunately, when it comes to projects that pay you back, there are a few projects that traditionally have shown to provide true return on investment (though this is dependent on many factors). Adding On While the price tag fora home expansion can be high — anywhere from $50,000 to $100,000 — the overall resultoftakingyourthree-bedroom house to a four-bedroom model, oradding a home office orbonus room can’t be underestimated. Also in this category: a new deck, which increases outdoorliving space and adds to the home’s overall appeal. Major Remodels Remodels can take a lot of time, use a lot of energy, and require a lot of resources, but all that output can potentially offer significant returns when it comes to bathrooms, kitchens, and basements — rooms where details like fixtures and design can determine whether the home feels modern or dated. Keep in mind, however, that many remodeling projects can be started with little expense — a can of paint and a white sink to replace an avocado green one can transform a room right away. Energy Efficiency From tanklesswaterheaters to solarpanels, insulated steel exteriordoors to airtight windowfittings, energy-efficientadditions are becoming increasinglypopular— and forgood reason. These additions notonlyprovide a greatupgrade to the house, but they also offeryou (as well as a future buyer) valuable savings over time, and there are manyways — big and small — that can have a big impact. 2 1 3

No matter what project you’re thinking of tackling for your next home renovation, you’re sure to have a lot of questions. Fortunately, there are some outstanding resources available to help you determine the value of your project, including Remodeling Magazine’s Cost vs. Value calculator, which can help you determine prices and outcomes for each type of project.

Whatever you decide your next home project will be, we can help you finance your dream home makeover. Call us or stop by your nearest SC Telco branch location to speak with one of our member service representatives. ®

REASONABLE REMODEL

HOW TO BUDGET FOR HOME RENOVATIONS By Grant Moses, Marketing Coordinator with several home renovation projects under his tool belt

Americans’ passion for home renovations is bigger than ever. A 2019 study by Trulia showed that approximately 90 percent of all homeowners are considering a home renovation of some kind, and if that includes you, it is important to know how to budget for the project. Here are a few tips on how to keep your next big project on budget.

1. Select the Project The real question is: What is it that you’re wanting to gain as a result of the completed renovation? If you’re upgrading your home to put it on the market, you’ll want to focus on home renovations that provide the best return on investment. But if you’re trying to fill a life’s need, orget more usable space, lay out what that looks like.

2. Set your Budget Once you’ve determined whatprojectyou’re going after, you’ll need to figure out how much you should budget for your home improvements. According to Home Advisor, a typical renovation will cost somewhere between $100 and $200 per square foot. Doing that math is a great place to start.

Ifyou’re borrowing forthe home renovation, you may consider one of three programs: a Home Equity Line of Credit (HELOC), which is a line of credit based on the equity you already have built in your home; a Home Equity Loan, which is a cash-out loan for a fixed amount; or a Cash-out Refinance, in which by refinancing you can turn your equity into cold, hard cash.

3. Prioritize Needs Make sure you take a look at the things that are truly important to making the project successful, and budget for them first. Then, as you progress, you can add the smaller options and upgrades back in if you still have room in your budget. Above all, do your research to make sure you’re getting the best price possible.

4. Make a Plan Onceyou haveyourbudgetin place and know the project “musts,” you can set a plan of action. Whatresourceswill you need?Will you DIY(do ityourself) orhire a contractor? What tools ormaterials will you have to buyorfind in orderto makeyourvision come to life?And last(butdefinitelynotleast), howlongwill the project take?

5. Get Bids & References Once you have all of the above in place, it’s time to get things moving! Getting bids is a crucial part of the process, and skipping the bid process is settingyourselfup to potentially overpay. While you’re at it, get references! With contractors and vendors alike, there are a lot of things you want to know, and a reference is the best wayto find out.

6. Reduce Costs Keep in mind that your project doesn’t have to be an “all-or-nothing” affair. Depending on your project’s scope, you may do some work yourself— putting in some true sweat equity — then turn overthe more advanced items to a professional. You can also reduce costs in other ways — look for low-cost alternatives, make price comparisons, or find gently used pieces at a Habitat for Humanity ReStore or home appliance consignment shop.

Ifyou follow these simple steps, planning for thatnexthome renovation can be easy! Keep in mind thatwhateveryourhome renovation plans, setting a budget(and sticking to it!) can be the difference between serious renovation remorse and loving the space you’re in. ®

budget on a Your Getaway Guide: How to Plan a Family Vacation

By Bethani Williams, Marketing Director that also has the title of wife and mom by which she has become quite skilled at planning vacations on a dime

For many, the idea of a family vacation is a bit of a love/hate relationship. We all want to enjoy some time away, but then questions like “How will we afford it?” or “Where will we go?” come to the forefront of the discussion.

Thankfully, taking a trip doesn’t have to break the bank (or should we say credit union)! If you’re trying to plan your next family vacation on a budget, here’s how to go about it.

• Determine your budget While the average vacation may cost thousands of dollars, it doesn’t have to be that expensive. To get started, determine how much you can afford to spend on the trip, and set that as your budget number to hit.

Pick a location Within that budget, determine where a reasonable location to travel may be. If your budget is on the lower end, you could opt for somewhere within driving distance instead of a faraway destination that requires multiple airline tickets and car rentals. You may want to vacation near family or friends that will let you stay at their place for free.

Establish your timeline While 62 percent of travelers will make their trip this summer, according to AAA, you don’t have to head out at the same time. In fact, you can save a lot of money by traveling in the off-season — not only in lodging costs but in all the other aspects of travel, too.

• Get some help When all else fails — find an expert! While it mayseem counterintuitive to payforthe services of a professional, travel planners often have access to significant discounts or unknown options that they can pass on to you. Many times, the savings you gain from working with a skilled agent will outweigh the cost of their services.

• Save, save, save Once you have a good idea of what your vacation is going to cost, start saving! To come up with a manageable monthly installment plan, simply divide the amount you need to have for the trip by the number of months until you travel. Then, chip away at the overall price tag by putting regular payments into savings or a Vacation Club savings account.

• Stick to the budget You’re not quite done yet! The appeal for all of us to “make memories” is real, so keep in mind that while you’re on vacation, you may get the urge to spend outside your budget. If you can avoid it (and you absolutely can), don’t give in to the urge to do something you haven’t planned for. With a little self-discipline, you can avoid going over the budget you are comfortable with.

Whenever and wherever you decide to take your next trip, we’re supporting you all the way! Whether you need help setting up a Vacation Club savings account or keeping an eye on your accounts while you’re away — just contact your local member representative to see how we can help. ®

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