Ways to Save Money When Remodeling

Does your house need a “facelift”? If so, you don’t have to move – just spice things up by remodeling. Here are some ways to keep the costs and your stress level down:

  • Create a plan. Take the time to figure out what you like by looking through decorating magazines and tear out pages.
  • Create a “layout” for the project, including space for new appliances, furniture, etc. to help save on late costly decisions. Shop around and do research on products, which can help with determining similar looks for a cheaper cost. In the decision-making step, think about value and quality, not only pricing.
  • Obtain multiple contractor quotes and always check references. Make sure you thoroughly review the quote and read the fine print.
  • Make sure to hire a professional contractor that is familiar with the most recent building codes – work that doesn’t meet building codes can become very expensive.
  • DIY (do it yourself) by handling your own demolition, doing some of the finish work yourself or better still help with cleanup every day. A little “sweat” yields equity!
  • One payment option could be to get a Home Equity Line of Credit – a line of credit based on the equity in your primary residence or a second home. A Home Equity Line of Credit (HELOC) has many advantages such as low monthly payment (Peoples Bank only requires monthly interest payments), easy access to funds (don’t have to pay interest until line of credit is actually used) and debt consolidation or financing.

There are always several choices with anything in life, especially when deciding on matters related to home improvement. Be creative! Don’t just “settle”! Talk to contractor(s) about available options and contact our team at Peoples Bank in NC to learn about financing options.