Home Improvement Tip #2: Apply for financing

A Zions Bank Home Equity Credit Line* can be a good option because of its flexibility and potentially lower interest rate.

“A home equity credit line, also known as a home equity line of credit, provides access to cash through a revolving line of credit,” said Jones. “Because the loan is secured by your home, the interest rate is often lower than other types of debt.”    

And, once established, this revolving line of credit is available whenever you need it.

Home Improvement Tip #3: Identify the professionals you need for your home project

If your project is minor and won’t alter a room’s arrangement, you might be able to use professionals such as a general contractor or builder. However, hiring an architect is essential if you intend to alter the size or shape of a house.

“Architects can help you evaluate if your plan is feasible and even enhance your original concept,” says Jones. “Regardless of the type of professional you use, it’s essential for them to have liability insurance to cover the potential risks of your project.”

Home Improvement Tip #4: Gather multiple bids from vetted contractors

“Gathering multiple bids can potentially help you save a significant amount of money, but keep in mind that the lowest price isn’t necessarily the best option,” says Jones. “Evaluate customer reviews and photos of completed projects and consider the overall customer service experience.”

As you vet potential contractors, verify they are fully licensed and insured. You may want to ask family and friends for contractor referrals or use a website such as HomeAdvisor.com or houzz.com to help narrow down your search.

Home Improvement Tip #5: Obtain building permits

Before starting a project, check with your city to determine if you need a building permit — a legal document that authorizes construction. The permit demonstrates that a government authority has examined project designs and determined they are compliant with the law.

“Generally, permits are obtained by the contractors or company you hire to complete the project,” Jones explains. “If you apply for the permit yourself, you will be considered the contractor and will accept liability for the project.” 

Home Improvement Tip #6: Get everything in writing

Before starting a project, place your specifications in a scope of work document — essentially a list of everything that needs to be completed from beginning to end. This document should be given to the main builder and any subcontractors who are working on the project.

“When putting your requirements in writing, it’s important to be detail-oriented,” says Jones. “This will help your contractors avoid mistakes and reduce the possibility of disputes over the final quote.”

A Zions Bank Home Equity Credit Line* can help finance the home improvements of your dreams. Apply for a home equity credit line online* or visit with a banker at a Zions Bank branch near you. We offer local decision making so you can enjoy a faster turn-around time on your application.

*Subject to credit approval. Terms and conditions apply. See banker for details.