As the saying goes, time waits for no one. That’s especially true if you’re a homeowner who has big plans to improve your home but now find the year has passed without a single project done! To ensure better results next year, consider an end-of-year review of your house. This will give you a refreshed to-do list which can include any tasks or projects you may have overlooked. In this blog, we’ll discuss common home maintenance tasks and projects to consider in your review as well as ways to pay for them.
Reflect and Refocus
If things didn’t go as planned last year, look back and examine why your home projects didn’t take off. Were you too busy? Was funding an issue? Did something come up that required most of your time and money? Life happens and all you can do is refocus and plan to try again.
Start with a new home improvement checklist. Identify the top priorities next year so you’ll know where to invest your time and money. By having a clear understanding of what needs to be done and a plan on how to execute it, you’ll be in a better position to make it happen.
Prioritize by Season
When it comes to home maintenance, it’s wise to concentrate on what needs to be done by the season so your house is ready for the weather. According to Bankrate.com, there are different tasks per season and identifying the maintenance needs for each will make owning a home more organized.
- Winter: Annual rainfall, snow and cold temperatures can affect your home over time. Be sure to have inspectors check your roof, gutters and downspouts for any leaks or damage which can turn into bigger problems if not repaired. Additionally, checking for air leaks from your windows and doors and having them insulated properly will not only keep the cold air out but save you in heating costs.
- Spring: Spring showers not only bring flowers but weed growth, including in driveway and sidewalk cracks which can create larger holes in the concrete. Be sure to remove them. Spring is also the ideal time to have your heating, ventilation and air conditioning (HVAC) system inspected and maintained, says Better Homes & Gardens. Cleaning your HVAC and clothes dryer ducts can help reduce the risk of fires. Also, if you have an irrigation system, test it weekly to see if any sprinkler heads or pipes have cracked over the winter.
- Summer: The temperature during summer can be brutal, especially during heat waves. Have your HVAC inspected, if you haven’t done so in the spring, and be sure to change your air filters regularly. Also, inspect any wooden decks for damage or rot. A good practice is to reseal wooden decks every other year to protect them from water damage and to extend their life. This is a great time to trim or cut down any trees that are growing too close to your home.
- Fall: Fall preparation is crucial for the upcoming winter and the earlier you start the better. According to Better Homes & Gardens, if you live in a place that reaches freezing temperatures, one tip is to drain your sprinkler system to prevent frozen water from damaging your pipes. Winterizing your garden and trimming your lawn can help eliminate frost damage. Remove any leaves from your gutters to avoid clogged drains.
Seasonal maintenance is especially important to keep your house in good shape and prevent damage from occurring. It will also let you focus on other tasks you may have in mind, such as making your home more energy efficient.
Home Efficiency Upgrades
Energy efficient home improvement projects are a good way to update your home and save money on energy costs. These types of work range from major projects, such as installing solar panels or high-efficiency HVAC systems, to less costly upgrades, such as energy efficient home appliances and smart thermostats.
Do your research to determine what upgrades are right for your home. Other work may include installing ceiling fans, blinds or awnings to keep your home cooler. You can also replace shower heads and leaky faucets. All these projects will make your house run smoother and provide savings on utility bills.
Cosmetic Uplifts to Home
There are other things homeowners can do to refresh a space that are more cosmetic than energy efficient. These include repainting interior and exterior walls, adding new flooring, installing new windows or lighting, replacing kitchen cabinets and countertops and updating bathroom fixtures.
Some of these upgrades are expensive but can be made less so by doing some of the work yourself. Many homeowners turn to financing options to help them with these projects.
Funding Home Improvement Projects
Even if you plan to do it yourself, many home improvement projects will require money for materials and tools. An effective way to prepare for next year’s project is to save money for it in a separate account dedicated for home upgrades. If you need to finance your projects, there are several lending options which include personal loans, credit cards and home equity financing. Each type of loan has its pros and cons, so do your research to find what works for you and your budget.
- Personal Loans: A personal loan, also known as a signature loan, gives you a lump sum of cash that you’ll pay back with a set term of fixed monthly payments. This loan requires no collateral so approval can be done on the same day, depending on your lender. Interest rates on personal loans tend to be lower than credit cards but you should still shop around for the best rate available based on your credit. The downside of personal loans is that if funds run out before your project is done, you’ll need to apply for a new personal loan or seek other sources of funding.
- Credit Cards: Paying for your projects with credit cards gives you the flexibility to tap into revolving credit that you’ll pay back with minimum payments each month. Credit cards carry a variable interest rate, which means rates can change depending on market conditions. Credit cards have higher interest rates than personal loans, so it will cost you more to use them. Also, using more than 30% of your total credit card limit can negatively impact your credit score. Consider credit cards as the last option for financing home improvement projects because of the higher interest rates.
- Home Equity Lending: Home equity lending is special financing that is only available for qualified homeowners who have equity in their home. If you have at least 20% equity in your home, you can apply for a home equity loan or home equity line of credit (HELOC). Like any other loan, you’ll need a good credit score and an acceptable debt-to-income ratio to qualify.
Interest rates on home equity lending are lower than personal loans and credit cards, making it the first option to consider. Home equity lending uses your property as collateral for your loan so your home could be at risk if you default on your loan.
- Home Equity Loans: Home equity loans let you borrow a lump sum of cash that you’ll pay back in fixed monthly payments and a fixed interest rate for a set term. This type of loan works well for projects with a pre-determined cost that won’t change.
- HELOC: A HELOC lets you establish a line of credit that you can use when needed for your projects or anything else. Typically, you draw upon this line of credit for the first 10 years and make interest-only monthly payments. After this draw period ends, the HELOC goes into a 15- or 20-year repayment-only period (i.e. no withdrawals) where you make monthly payments until the loan is paid off.
- Eco-Friendly Loans: Another way to fund your project is through eco-friendly loans, such as those offered by Travis Credit Union. This type of loan lets you pay for qualifying, energy efficient upgrades to your home, such as solar panels, windows, a new HVAC or energy efficient appliances. This type of loan does not require a lien on your property, so it is a viable alternative to home equity financing.
How TCU Can Help
Travis Credit Union offers an array of savings and lending options to help homeowners fund their home upgrades, repairs and maintenance. Our money market accounts and certificates let you save with competitive interest rates.
For homeowners interested in borrowing money, TCU offers credit cards, HELOCs, home equity loans, personal loans as well as the previously mentioned eco-friendly loans so you can get your projects done. Visit Traviscu.org today to learn how TCU can help you with your financial wellness.