If you’ve been considering an outdoor house project, now’s the time to get it done. From decks, to driveways and roof replacements, it’s important to finish up these popular projects before the snow falls.
Connie Fort, Vice President of Consumer Loans
“Many local homeowners come in at this time of the year to get financing to wrap up a project or two,” said Connie Fort, Vice President of Consumer Loans. “I truly enjoy finding affordable financing options for their home projects.”
To help you decide where to focus your dollars, here are cost estimates and what to consider for four projects that can be impacted by cold weather.
- Building or Repairing a Deck
Average Cost to Build – $6,973*
Average Cost to Repair – $1,490
A new deck adds value to your home – plus who doesn’t love another way to enjoy Minnesota and Wisconsin summers?
The cost of building or repairing a deck depends on several factors: size, materials, and extras such as stairs, railings or staining. To help you make an accurate estimate, consider that the average deck size is 10×12 feet and most deck builders charge an average of $35 per square foot.
- Replacing a Roof
Average Cost – $7,092*
Maintaining the quality of your roof is critical to keep your home protected and dry. Winter weather especially can aggravate small leaks and other problems, so take the time to assess your roof now.
If replacing your roof is necessary, there are several factors that impact the overall cost including size, pitch, materials, code requirements and special features like skylights or chimneys.
Make sure to get quotes from several different roofers so you have a solid price range for your potential cost. Be cautious of any business that bids extremely low – it’s most likely too good to be true.
- Installing Landscaping
Average Cost – $3,328*
Whether you’ve moved into a new home or want to upgrade the look of your existing lawn and outdoor area, landscaping can be a great way to give your house a facelift.
When it comes to your landscaping projects, costs range based on how big your project will be and the size of your property. For example, are you simply looking to add some color with flowers or are you removing trees? Each piece of your project may involve hiring one or more professionals, so consider if you’ll need help with designing a garden, installing a patio, or even adding a water and irrigation system.
- Replacing or Adding a Driveway
Average Cost – $3,916*
Having a driveway can be a huge convenience for you as a homeowner and can also add value to your house.
Durability is the biggest and most important factor when making decisions about your new driveway. Make sure you pay attention to which materials make sense for your landscape, climate and the amount of work you’re willing to put in to maintain the driveway. A professional can help steer you in the right direction based on your situation.
So now that you’ve settled on which home improvement project you’ll tackle this fall, how can you pay for it? At Merchants Bank, our Home Equity Line of Credit can help qualified applicants pay for fall home improvements or repairs. If you have equity in your home, now is the time to take advantage of our great introductory rate of as low as 2.9% APR for the first six months and 4.00% APR after that.**
Contact your local Merchants Bank Personal Banker to get started, or apply online now.
**Subject to credit approval. As of June 15, 2017, the Annual Percentage Rate on a home equity line of credit with an 80% or less loan-to-value and a credit score greater than or equal to 700 was 4.00%. This special offer has fixed-rate pricing as low as 2.9% APR for the first six months, based on relationship reward discounts. Following that six-month period, the rate will become variable, subject to change, based on U.S. Bank, N.A., prime rate plus a margin that is determined based on the loan-to-value in your home and your credit score at the time of application. Current rates vary from 4.00% to 6.75% APR. Maximum possible APR is 18%. Minimum possible APR is 4.00% An origination fee may apply, in addition, you are responsible for certain fees to third parties, such as appraisers, credit reporting firms and government agencies, which are generally from $100–$1,000. Following the first year, there will be an annual fee of $25. Offer available on new home equity lines of $10,000 or more only or on existing lines of credit with an increase of at least $10,000. Consult your tax advisor regarding the deductibility of interest expense. Property insurance will be required. Limited time offer.