Does a remodel makes sense?

Brandpoint

There comes a time when every homeowner looks around at their house and ponders a few upgrades. Sometimes, those ideas turn into full-on renovations as you reimagine your space to better meet your lifestyle. But before you start calling contractors, ask yourself: Does remodeling make financial sense?

Here are three tips to help you decide if a home renovation benefits your home and your finances.

Identify your wants vs. needs

How necessary are the improvements you want? Some home projects may end up costing you more than the value they provide. That doesn’t mean certain projects aren’t worthwhile.

“Home renovations come in all shapes and sizes. For some, it may be about the investment and increasing the home value, for a good few it might be about what looks the best, while others might not have a choice,” said Adam Fingerman, assistant vice president of equity lending at Navy Federal Credit Union.

“Whatever the reason, it’s always a good idea to understand how a large renovation might impact your finances and the overall value of your home.”

Know your budget

Consider creating a chart with all of your cost estimates, and

Average long-term U.S. mortgage rate climbs to 6.79 percent

ASSOCIATED PRESS include columns for high-, medium- and low-cost options. Don’t forget supplies for do-ityourself projects and always allocate a certain percentage for unexpected expenses.

LOS ANGELES — The average long-term U.S. mortgage rate climbed this week to its highest level since November 2022, driving up borrowing costs for would-be homebuyers at a time when the housing market is being held back by a near record-low inventory of homes on the market.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.79 percent from 6.57 percent last week. A year ago, the rate averaged 5.09 percent. The latest increase marks the third in three weeks and lifts the average rate on a 30-year home loan to its highest level since it surged to 7.08 percent in early November.

The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, rose to 6.18 percent this week from 5.97 percent last week. A year ago, it averaged 4.32 percent, Freddie Mac said.

High rates can add hundreds of dollars a month in costs for homebuyers, limiting how much they can afford in a market that remains unaffordable to many Americans after years of soaring home prices and historically low levels of housing inventory.

Mortgage rates have ticked higher along with the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield hit 3.81 percent last week, its highest point since early March, reflecting uncertainty among bond investors over whether the federal government would be able to avoid a debt default and renewed worries that the Federal Reserve may not be done hiking interest rates.

Also be sure to get estimates from different contractors and compare them. Carefully check references and business licenses.

Explore financing options

Ideally, you’ve already established a home improvement savings plan. But if you’re planning to borrow, explore your financing options through your trusted bank or credit union.

“Think about the size of your project, whether or not you’ll have ongoing expenses, and your current finances,” said Fingerman.

For example, Navy Federal offers members various options for funding home improvement projects, such as home equity loans, home equity line of credit or personal expense loans.

Members also have access to a wealth of information to help them make informed decisions about the right financing products for their home improvement goals. Home renovations of any size — large or small — can be overwhelming. Consider these tips to help make it easier and more affordable in the long run.

Navy Federal Credit Union is federally insured by NCUA. Equal housing lender.

FILED,adocumentpurportingtobetheLastWill andTestamentoftheabove-nameddecedent,who diedonFebruary12,2023,togetherwithan ApplicationbyTHOMASWILLIAMPATCH(“Applicant”), whoseaddressisc/oKauaiEstateLaw,LLLC,4334 RiceStreet,Suite203,Lihue,Hawaii96766,praying forinformalprobateandissuanceofLetters Testamentary to said Applicant.

Ifanyinterestedpersonhasobjectiontothe informalprobate,thepersonmayfileapetitionfor formaltestacyproceedings;ifanyinterestedperson desiresfurthernoticeconcerningtheestate,including noticeconcerningtheclosinganddistributionofthe estate,thepersonmustfileaDemandforNotice pursuant to HRS Section 560:3-204. Allcreditorsoftheabove-namedestatearehereby notifiedtopresenttheirclaimswithpropervouchersor dulyauthenticatedcopiesthereof,eveniftheclaimis securedbymortgageuponrealestate,tosaid nominee,attheaddressshownabove,withinfour(4) monthsfromthedateofthefirstpublicationofthis notice or they will be forever barred.

FIFTH CIRCUIT COURT NOTICE AND NOTICE TO CREDITORS

ESTATE OF DARLENE LEIKO KASHIWAI

CASE NO. 5CLP-23-0000046

FILED,theApplicationof MARILEIKOLORENZO prayingforinformalprobateofdecedent’sLastWill andTestamentintheaboveentitledestate,andfor appointmentofandissuanceofLetterstoApplicantas PersonalRepresentative,whoisaresidentoftheState of Hawaii, Anyinterestedpersonwhohasanyobjectionto informaladministrationmayfileapetitionforformal proceedingswithinforty(40)daysafterthedateofthe firstpublicationofthisnotice;anyinterestedperson desiringfurthernoticeconcerningtheestate,including noticeconcerningtheclosinganddistributionofthe estate,shouldfileademandfornoticepursuantto

Hawaii Revised Statutes Section 560:3-204. Allcreditorsoftheabovenamedestatearehereby notifiedtopresenttheirclaimswithpropervouchersor dulyauthenticatedcopiesthereof,eveniftheclaimis securedbyamortgageuponrealestate,toApplicant’s attorneyattheaddressshownbelow,withinfour(4) monthsfromthedateofthefirstpublicationofthis notice, or they will be forever barred.

DATED: Lihue, Kauai, Hawaii, May