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.
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.
Shop 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.
Divide 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.
Consider 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. Your rate may be higher based on your specific CLTV, term, and credit score. Rates as of 2/1/22 and subject to change after account opening. HELOC rates are variable and based on the current index margin; rates will not exceed 12%. Home Equity loans are available for properties located in Michigan or Florida. Fees may differ in Florida. Terms, loan amount maximums, and other restrictions apply. Call or see branch for details. $5 membership required if not a member.