Avoid Going

on your over budget Renovation

Almost half of homeowners go over budget when doing a remodel, according to a report from home improvement site Houzz. A more alarming stat: Only one in five comes in under budget. Here’s how to be of them.

#1 Reconsider DIYDIY is cheaper, right? Depending on the project, amateurs beware. If you don’t have the expertise, you could end up paying between 10% and 40% more.

Why? While your DIY labor is technically free, your lack of know-how can be costly. And then there’s hiring and scheduling. A task like moving a wall could mean hiring an engineer and an architect, not to mention coordinating permits. A general contractor knows who’ll do the best work for the best price, and they’ll know when to schedule them to avoid wasting dollars on inefficient use of time.

#2 Hire the Right ExpertsIf you decide to forgo the general-contractor route and hire individual work-ers yourself, it’s best to get at least three quotes for each service per-formed. Talking to professionals isn’t just about finding the most com-petitive price. It’s also an opportunity to figure out what services each individual contractor includes within his fee.

In fact, the least expensive contractor may be a warning sign for infe-rior construction quality or subpar building materials. A bid worth reviewing should include a line item for every charge.

#3 Map Out the Project Step by Step Big project or small, the more detailed your plan, the better pre-pared you’ll be for both the expected and unexpected costs that can (more like will) arise.

When estimating the cost of your project, consider the large ex-penses, like that tile and adhesive, but also remember the little items like sales tax, delivery charges, shipping charges, caulking, and more. For bigger projects, you’ll need to estimate engineer-ing costs, interest costs, permit fees, and sewer and water tap fees. The more you can plan to expect, the better.

#4 Know Where to Cut Corners - and Where to InvestBefore setting a project budget, consider what features are most important to you. When it comes to allocating funds, ancillary desires should take second place to your overall project goals.

If, for example, your primary goal is to expand your cabinet space, how vital are custom cabinets or high-end finishes to that goal? If you’re OK with using stock sizes, you can save about 20% to 30% on your budget.

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WOW! 1.95%What a great Auto Loan rate!

up to 60 months! *Annual Percentage Rate (APR) as of 2/1/2018. Monthly payments per $1000 borrowed would depend on number of months chosen for car loan, for example: 60 months at $17.51. Use our loan cal- culators on our website to calculate yours. Rate shown is for New-Used Car Loans 2013 or newer, and is for members with an “A” credit score of 720 or above and an “active” checking account (“Active” checking is 6 transactions or more per month and direct deposit). If the above requirements are not met, discount will not apply. Add .50% to rate if account does not meet “active” checking requirements. Refinancing for new loans only. Rates subject to change. Other rates and terms available. Federally insured by NCUA.

APR*

New • Used • Refinance

March 2018

ewsNWC

CU Community

#TeamWCCU- Happy Birthday to...Mar 1- Joan Gradilone- Director of Branch Operations

Mar 8- Joanne Bilotta- Staff Accountant Mar 9- Jill Sposato- MSR/MemFS Assistant

Mar 11- Amy Clark- Financial Service Mgr- RichmondMar 11- Jennifer Riggins- Financial Service RepMar 20- Jeanne Abate- Sr Mortgage Originator

Mar 30- Julie Lefebvre- Director of Asset Quality

What’s New at WCCU!

3/11- Credit Union High School Basketball Championships- At the URI Ryan Center

3/26- WCCU Annual Meeting3/28- WCCU First Time Homebuyer Seminar

Mark Your Calendars

March 9- WCCU ScholarshipsWCCU’s Scholarship program awards $4,000 in

college scholarships to youth in our community. WCCU also participates in the Cooperative Credit Union League

Scholarship ($500). Membership is required to apply. Deadline is March 9th!

See our website for more details.

• $1,000 - WCCU Joseph N. Cugini, • $1,000 - WCCU Robert Bewlay, • $1,000 - WCCU Vocational, • $1,000 - WCCU College (any major)

March 28- WCCU to host a First Time Homebuyer Seminar

WCCU is hosting a First Time Homebuyers seminar with refreshments on Wed, March 28th from 6-7 pm.

The seminar will be held at the Southern RI Chamber of Commerce

located at 230 Old Tower Hill Road in Wakefield.

Topics include Steps to Buying a Home; Prequalifying; the Application Process; Tips from a Home Inspector &

Realtor, and WCCU Mortgage Programs.

Seating is limited, please RSVP by March 14th to Kate Craig, WCCU Marketing Specialist, at

kcraig@westerlyccu.com or 401-596-7000 x2142.

No origination fee, application fee or

prepayment penalty!

CollegeOur College Refinance Loan

combines your federal & private student loans to lock in a lower

interest rate & reduce your monthly payment!

Apply Online 24/7 or at any branch location!

Why are the loans still around?

Life moves on after

Fixed

or Adjustable

Rates as low as

3.25%APR*

*Annual Percentage Rate (APR) as of 2/1/2018 is subject to change without notice. Adjustable rate shown is for “A+” credit scores of 760 or above and reflects a .25% point interest rate reduction for automated payments deducted from a WCCU checking account. Add .25% to rate if automatic deduction is not completed.

The Adjustable rate APR will vary based on the Prime Rate as published in the Wall Street

Journal. 60 monthly payments of $18.09 per $1,000 borrowed. Payments do not reflect

any additional cost for Payment Protection. No minimum loan amount. College Refinance

Loan is for refinancing existing education loans in repayment; not deferral. Maximum loan $50,000, maximum term 10 years. Applicants must be a graduate of at least a four year accredited college/university and employed full time. College Refinance Loans are subject to credit qualification and verification of application information, outstanding loan amount(s),proof of employment and graduation. Fixed and adjustable rates available. New loans only. Other restrictions may apply.

Hel

ping

Our

Mem

bers

Achieve Financial Success!

Westerly ~ Richmond ~ South Kingstownwww.westerlyccu.com

401-596-7000This Credit Union is federally-insured by NCUA. WCCU NMLS ID#: 518892

#5 Pad Your BudgetFor any large renovation, you have to plan for the unexpected. You could open a wall and find electrical work needs to be done. You could find that your chosen tile is on back order and your second choice comes at a higher cost. Building a 10% buffer into the budget is suggested - up to 25% for those with older homes.

When the unexpected does arise, it can pay to keep a level head. Even if you feel pressed for time, give yourself at least 24 hours to make an unexpected decision. Don’t rush into a deci-sion you may regret.

Article adapted from ‘Don’t Be One of Those Homeowners Who Goes Over Budget on a Renovation’ by Alaina Tweddale via www.houselogic.com

WCCU Can Help!Whether it is renovations or your next home purchase, WCCU has the lending products, expertise, and great

service you need to help you from start to finish.

Call us today to ask about WCCU Equity Loans & Lines of Credit at 401.596.7000 or visit www.westerlyccu.com.

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