Unfinished chronicles

Like many homeowners, you probably have a number of started-but-never-finished jobs around the house. Now, for just a moment, think about all of the projects you’ve dreamed about completing once and for all. Wouldn’t it be great to just sit back and enjoy the final results?

If your home has fallen victim to all those well-intentioned projects that have landed in “project limbo,” a loanDepot home equity loan can be the impetus to finally getting them done. Start by speaking with a Licensed Lending Officer today to discuss your options.

What are your unfinished projects?

Take pen and paper in hand and objectively survey your home. Write down each of the projects you aspire to finish. Don't get discouraged. This is an opportunity to make a clear assessment of your time, resources and priorities.

No doubt you have your fair share of incomplete do-it-yourself efforts. Perhaps there’s that spare bathroom in the basement; you know, the project that seemed like a slam dunk until you reached the labyrinth of plumbing. Maybe you got halfway through the kitchen backsplash, when it dawned on you that HGTV romanced you into believing that it was easier than it looked? Or, did you have the goal of whipping your home gym into shape only to lose energy and interest because monthly bills and other commitments were weighing on your budget?

Try not to beat yourself up about the projects. Remain as clinical as possible; before long, you’ll start thinking about each step more clearly.

Why aren't those tasks getting done?

Let’s face it, you're busy. And regardless of what’s been occupying your time whether it be kids, work, school, or a little TV binge watching something has slowed or put the brakes on the progress of your home projects. Of course, the other cutting realization is that your DIY endeavor is beyond your skillset. At first you might think you can figure it out, if you just give it a little more time. But how long is too long? Then again, professional help is expensive, which is why you chose to do it yourself in the first place.

Is the project now beyond repair, and you’re embarrassed to seek outside help? Or maybe the issue is purely financial?  Whatever the obstacle, it’s time to make peace with the fact that ignoring the problem doesn’t solve anything. So pledge to get your brain around exactly what needs to be done, devise a strategy, and calculate a rough estimate of cost.

Take that first step

Once you’ve evaluated and broke down the projects into their unfinished components and costs, make a plan. Bringing in a professional is likely the fastest and most efficient way to avoid the vicious cycle that got you here in the first place.

By tapping into your home’s existing equity, you can pay for the improvements and help increase its value, therefore allowing you to recoup some equity as soon as the project is complete.

Form a plan of attack

Now that you have a list in hand, it’s time to get busy. Follow these steps for getting your projects wrapped up:

  1. Take that list and talk to a local builder or contractor you trust. Most will give you a free estimate on labor and materials.
  2. Get your home equity loan in place. You can trust loanDepot to help you get the best interest rates available for the loan you need. Call us at 888-983-3420 for a quick quote.
  3. With funds in hand, pick a project and get rolling. Choose the ones that are going to offer you the biggest benefit first. But don’t leave out what's going to make you happiest to get done.
  4. Move onto the next one. The sheer thrill of having one project done will motivate you to continue.
  5. Be proud. You've done it!

With a home equity loan, even the longest list of to-dos will be easy to cut down to size. Speak with a Licensed Lending Officer to learn more about getting those unfinished projects done with a little help from loanDepot.

Published Sept. 7, 2017


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