Discovering YOU Magazine June 2018 Issue - Page 20

BUSINESS CENT$

ability to pay, not tied to a piece of collateral.

JoJo Fletcher added, "I recommend homeowners consider a home improvement loan if they are looking to borrow money and have good credit. For instance, Marcus by Goldman Sachs offers no-fee, fixed rate home improvement loans up to $40,000, which could be a better option than putting renovation costs on a higher interest credit card or borrowing against your home's equity. Applying for a loan is easy and you can see your offers in as little as five minutes."

3. Create a budget. Because of the nature of remodels, things often end up costing more than you might think. No matter how big or how small the project, you need to have a solid sense of what your "all in" budget number is. This should not only account for hard and soft costs for things like labor, materials and designers, it should also account for contingency costs.

Experts typically recommend budgeting an additional 15 to 20 percent for unexpected scenarios that might arise. A thoughtful budget will help keep your

priorities in front of you and prevent you from spending more than you want.

4. Remember, this is an investment! Not all home renovations will pay off in the long term. It's important to consider cost vs. value before you start making changes, especially for homeowners looking to sell in the near future. If you plan on putting your house on the market sooner rather than later, be sure to keep track of the top home features to get the best return on your investment.

5. Work with a designer. This might sound like a luxury or an added expense, but in many cases, a designer could actually help save money by finding deals or providing suggestions for less expensive alternatives, such as using quartz or white concrete instead of marble. Above all, their expertise can help avoid costly mistakes that can often arise when people try to cut corners on their own.

With these tips, you should be better prepared to finance your home improvement project. When you're ready to start, you shouldn't have to wait weeks for a home appraisal to get your renovation project underway. You could see your home improvement loan options from Marcus by Goldman Sachs in as little as five minutes and once approved, most people see the funds in their bank accounts in as little as four days. With Marcus you could be one step closer to your dream home.