Homeownership

Don't let inflation deflate your dream renovation.

1 de marzo de 2022
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Inflation is causing high prices across the U.S. economy, and that may have you rethinking that renovation you had planned this spring. Before you put your plans on hold, here are some ways to offset inflation and make that renovation a reality.

Feb_Borrow-Icons_Plan

Start planning now.

Reach out to contractors and start getting quotes. Contractors are seeing a lot of business lately, so it's important to get a variety of estimates. Taking the time to find the right contractor at the right price will save you money. When you find the right contractor, you can then look ahead and find a time when they can complete the work.

Feb_Borrow-Icons_ShopShop around.

Keep your eye out for sales on things like appliances and other materials you need. Stores will often price match identical or sometimes even similar materials. Consider using refurbished or reclaimed materials that can save you money and still have the look and quality you want.

Feb_Borrow-Icons_DivideDivide it into stages.

 To help control costs during a time of high inflation, you may need to delay some elements of the renovation or dial back the scope. Focus on materials or appliances that aren't currently being hit hard by inflation and plan on finishing the other elements when prices are more reasonable, or you find a good sale. A new stove or refurbished countertops can make your kitchen feel new and refreshed, even if the flooring and cabinets come later. 

Feb_Borrow-Icons_EquityConsider opening a HELOC.

With your renovation possibly being spread out over a larger time frame, a flexible line of credit can get you the money you need when you need it. A home equity line of credit lets you borrow and spend just as easily as using a credit card, but without the high interest rates - LMCU's HELOC rates start as low as 3.00% APR.*

Learn more and apply for a HELOC at HomeEquity.LMCU.org.

*APR = Annual Percentage Rate. Best rate available to well-qualified borrowers with under 80% Combined Loan to Value (CLTV). Assumes autopay from LMCU checking account. Su tasa puede ser más elevada según su CLTV específico, término y calificación crediticia. Rates as of 2/1/22 and subject to change after account opening. Las tasas HELOC son variables y están basadas en el margen vigente en ese momento; las tasas no podrán superar el 12%. Home Equity loans are available for properties located in Michigan or Florida. Los cargos pueden ser diferentes en Florida. Se aplican términos, monto máximo del préstamo y otras restricciones. Call or see branch for details. $5 membership required if not a member.

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