If you own a home, you know renovations and improvements will eventually be on the horizon. Whether it’s remodeling your home with newer appliances or prioritizing bigger fixes ahead of the colder months, all those repairs will add up – especially if you’re hiring a professional. Some home improvements are necessary for function and some help build equity down the line. No matter what’s on your to-do list, you can look to these tips for managing a home project on a budget.

Focus on building home equity

Don’t just think about saving money in the short term, consider projects that will increase your home’s value and help you avoid unexpected expenses later on. According to Remodeling Magazine’s 2022 Cost vs.Value Report, home improvement projects like garage door replacements, stone veneers, window and siding replacements, and minor kitchen remodels will get you the fastest return on your investment. In New Jersey, there may also be tax benefits and incentives which certain home improvements could qualify for. Of course, there are upgrades you can make throughout your home to save money on utility bills as well.

Don’t put repairs off

We’ve all done it. Putting off an annoying repair is too easy to do – until the issue becomes a major (and expensive) problem. Even more importantly, ignoring repairs can eventually become a safety hazard. Home repairs that involve water, electricity, pests, peeling paint, cracks, and HVAC could end up costing a lot more than if you just took care of the problem initially.

Prioritize routine maintenance

Doing routine maintenance on your home is another way to save on big expenses in the long run. Preventative measures ahead of the cooler months is necessary for the safety and longevity of your home. Ahead of winter, we recommend removing leaves from your gutters, getting your chimney cleaned, installing monitoring devices on your water pipes, and clearing your dryer vents. This helps prevent damages and even house fires.

Look for home improvement loans

There are many strategies when it comes to funding your home project, like building a savings account over time. Sometimes though, there’s an emergency or unexpected expense that you might not have the savings for. That’s when a home improvement loan becomes a good option. At First Financial, we offer home improvement loans with great rates and a fixed monthly payment.*

Regardless of what your goals are or what projects you need to accomplish, the team at First Financial is here to help with financial advice, savings account options, and loan decisions. Contact us to get started, or stop into your local branch to speak with a representative today.

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*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. Lien position and appraisal valuation may affect the maximum loan amount. Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to be paid back by member to FFFCU.