President of CU Network Services (NMLS# 364852)
CU Network Services (NMLS# 375459)
If you are a home owner planning to remodel, it’s important to choose the right home improvement projects and take the time to figure out your finances. Whether you plan to remodel your home to entice potential buyers or just give it a fresh new look, the money spent on improvements may potentially increase its overall value. Typically, home owners can expect a good return on investment from any type of home improvement. Hawaii Central Federal Credit Union offers a wide variety of loan programs to help any home owner planning to remodel their home.
In many cases, your home’s built-up equity could be the best source of financing your remodeling projects. With a Home Equity Line of Credit (HELOC) from Hawaii Central FCU, you are able to put that equity to work for you and turn your home’s equity into accessible funds. Instead of limiting your renovation project to just cash funds, a HELOC allows you to access your funds as needed through a revolving line of credit.
Kitchen and bathroom renovations can sometimes be the most costly but are also the most likely to pay for themselves should you decide to sell. For example, if $30,000 is spent to remodel a kitchen, that newly renovated kitchen could represent $60,000 in an appraisal.
Even small kitchen repairs and improvements, such as replacing fixtures, painting, and refinishing surfaces, can add significant value. Projects such as room additions that increase the home’s square footage can also generate a positive return on investment.
Another option to add instant value to your home is to upgrade to energy-efficient appliances and technology, such as solar water heating and solar photo-voltaic systems.
While the initial price of installation for these systems may be pricey, it is an investment that will eventually pay for itself as you save on your utility bills for many years to come. To help with these initial installation costs, Hawaii Central FCU offers special loan rates specifically for solar water heating and solar photovoltaic systems.
Renovating not only increases your home’s value, but can help to sell it faster. The majority of home buyers, particularly young, first-time buyers, are looking for homes that are move-in ready. Even the saleability of apartment units in older buildings can be enhanced by remodeling if they are upgraded with the same features as new units but priced more affordably.
No two renovation projects are exactly the same, and each home owner’s financial resources are unique, so it’s important to find the loan program that best fits your needs. At Hawaii Central FCU you’ll find many options to help you achieve your goals. For example, if your renovation project seems too drastic, perhaps an entire rebuild of your home is the best option, which would make an Owner/Builder Construction Loan the best loan program for this situation.
The highly experienced home loan specialists at Hawaii Central FCU are available for a free consultation to assess your financial situation and they understand the urgency of getting your project started on time. If you choose to open a Home Equity Line of Credit for your project, you may be approved and funded in as little as two weeks to help get your renovation project started promptly!
To apply for any of Hawaii Central FCU’s loan products or for more information, please call 529-4599.
Home loans are provided by CU Network Services (NMLS# 375459), which is a wholly-owned subsidiary of Hawaii Central Federal Credit Union (NMLS#412820)