Financial Preparation and Execution Tips
As fall temperatures chill the air and winter drops hints of its approach, preparing your home for the colder months ahead is important. Winterizing your home not only keeps your family comfortable and safe, but also reduces heating costs and prevents potential damage caused by snow, ice and cooler temperatures.
In this blog, we’ll discuss how to financially prepare for winterizing your home and provide you with tips on what to do. This blog is part of Travis Credit Union’s commitment to help our members and communities improve their financial well-being so they can reach their financial goals. Visit traviscu.org to learn more about how TCU can help you.
Financing Projects
Identify Projects and Estimate Costs: Start by identifying the work needed on your property to prepare it for winter and the estimated amount of money you’ll need. Typical projects include insulating pipes, cleaning gutters, servicing your heating system and upgrading technology. This work includes both DIY (do it yourself) projects and hiring professional contractors to do the work. Once you have an amount in mind, see if you can incorporate these expenses into your monthly budget. If you plan to borrow money, be sure to include those loan payments in your budget.
Prioritize Your Tasks: Prioritize essential winterization tasks by starting with those projects that have a significant impact on your home’s energy efficiency and safety. For example, begin by checking your windows and doors for any cold drafts. Fixing these is relatively inexpensive, can have an immediate impact on your home’s heating and can save you money.
If you find yourself with the bigger project of replacing your heating, ventilation and air conditioning (HVAC) system, be sure to shop around and do your research. There are new HVAC systems that offer high energy-efficiency to save you money on your utility bills and which also qualify for federal rebates. According to Redfin, investing in higher-quality systems may lead to long-term savings and increased property value.
Seek Financial Assistance
Lenders such as Travis Credit Union understand that home improvement projects can be expensive and homeowners may need to borrow money to complete their projects. Here are the main options when it comes to borrowing money to winterize your home. Each comes with its own benefits and requirements:
- Government Energy Efficiency Loan Programs: Research local or federal loan programs that offer rebates or incentives for energy efficient home improvements. These programs, which are also available through some utility companies, may cover part of the cost for installing/replacing insulation or heating system upgrades.
- Home Improvement Loans: As a homeowner, you already have a powerful financial tool available to you: your home’s equity. If you need funds to winter-proof your home, consider a home equity loan or home equity line of credit (HELOC) from your local lender such as TCU. These types of loans typically offer more flexibility and better rates than credit cards since they are secured by your property.
- Eco-Friendly Loans: Some credit unions, including Travis, offer a specific type of home-improvement loan that is focused on energy efficient improvements. TCU’s Eco-Friendly Loans are specifically designed for making energy efficient upgrades to your home without placing a lien on your property. They typically require proof of pending upgrades, such as a contractor invoice or work order.
Do It Yourself
Of course, if you and your family are able to handle some of these projects yourself, you’ll save money on labor costs. According to Bankrate.com, there are low cost ways to make a home energy efficient. For example, simple tasks such as sealing gaps and insulating pipes might be manageable on your own. For each project, determine whether you can do it yourself or will need professional help, what tools and supplies you’ll need and adjust your budget as necessary.
Tips for Winterizing Your Home
There are a lot of things to consider when you think about winterizing your home. Here are a few tips on some of the more common work you can do to get started, according to Bankrate.com.
- Inspect Your HVAC: Schedule a professional inspection and servicing of your furnace or heating system. Make sure it is clean, properly functioning and has no issues that could lead to breakdowns during the winter. Replace or clean air filters to ensure efficient operation. Dirty filters can reduce heating efficiency and increase your energy bills.
- Seal Gaps and Insulate: Inspect windows, doors and other areas for drafts. Use weather stripping or caulking to seal gaps and prevent heat loss. Insulate exposed water pipes, especially outside, under your kitchen sink and in unheated areas such as basements and attics, to prevent them from freezing and bursting.
- Prepare Your Roof and Gutters: Remove leaves and debris from gutters and downspouts to prevent ice dams which can cause water damage. Check for missing or damaged shingles or tiles and repair them to prevent leaks from snow or ice.
- Prepare Your Landscaping: Trim any overhanging branches that could break under the weight of snow and ice, potentially damaging your home. Look for any cracks or gaps in the exterior walls and repair them to prevent cold air from entering and warm air escaping.
- Test and Install Safety Devices: Test smoke and carbon monoxide detectors to ensure they are functioning correctly. Replace batteries annually. Make sure fire extinguishers are accessible and fully charged in case of emergencies.
We hope you’ve found this information useful as you prepare your home for the winter season while also being mindful of your budget. Start early, plan for expenses and tackle the tasks one by one to ensure your home is ready for the colder months ahead.
How TCU Can Help
Travis Credit Union offers the financial products, tools and resources to get you prepared for this winter and every other season. From home equity loans and HELOCs to our Eco-Friendly Loan and Go Green Loans, you’ll find all of the lending products you need to make your home ready for the coming cold months. Visit traviscu.org to get started.