Jan 07, 2022 / Home Equity

3 Reasons Why the New Year is the Right Time to Renovate

The new year is the perfect time to evaluate life, resolve to improve, and take actual steps toward accomplishing your personal goals. It’s also a great time to do the same for your home. If you’ve been thinking about renovating, now is a great time to get the ball rolling to improve your surroundings and take steps to get stuff done. Here are three great reasons why the new year is the right time to renovate.

1. Home Purchase Prices are Still High

To buy or not to buy, that’s the question on nearly every prospective homeowner’s mind. Temperatures might be near freezing outside, but the Utah real estate market is still plenty hot. And it’s causing some pause for many would-be buyers. In fact, just last month Realtor.com ranked Salt Lake City as the number 1 housing market positioned for growth in 2022—forecasting an 8.5% year-over-year increase in prices.

Thankfully, as an existing homeowner, you have options. You can upgrade your home, earn extra equity, enjoy the improvements now and get more bang for your buck if you do decide to move in the future. You get the benefits of a new home without having to test the uncertain and undeniably expensive real estate market.

2. It’s Not Summertime

You’re probably aware that summer is the traditional time to renovate. It’s also the busiest, meaning good contractors are usually in short supply and the increased demand has a way of causing increases in labor and material prices. With the end-of-year rush in the rearview and hectic summer months ahead, now may be the most cost-effective time to make home improvements, especially indoors.

If you’re thinking about new flooring, a new kitchen, new bathrooms, new walls, a new basement remodel, basically anything that doesn’t involve the exterior of your home, now is a great time to contract your contractor and improve your indoors for the long winter months ahead. You’ll probably save money and jump the line before the busy renovation season starts.

3. A 1% Rate on a HELOC from Utah First

Home improvements cost money, but Utah First is helping members save with a great 1% intro rate on a new home equity line of credit. You can quickly transfer HELOC funds to your checking account to get started on all your home improvement projects. Plus, with a Utah First HELOC, you’ll get: lightning fast loan approvals and quick closings, no annual fees or origination costs, loan interest that may be eligible for tax deduction, and interest-only payment options.

If you’re ready to make your New Year’s renovation goals a reality, now might be the best time of year to save money with a 1% intro rate on a new HELOC. Whatever you decide to do with your home, a Utah First HELOC is a fast, affordable way to help you accomplish your goals. Apply online, give us a call, or stop by a branch to get going on your New Year’s renovations.