Improving Your Home & Lifestyle Have you ever wished you had more closet space, a more modern kitchen or another bathroom? Or maybe just a little extra space to help you relax or entertain? You're not alone. Many homeowners feel the same way and when they make those home improvements, they often find that their quality of life improves. After all, it is your home. You know better than anyone how your home should be designed to fit your lifestyle. You could also look at your improvements as an investment. You probably won't receive a 100-percent return on your investment, but you could get an idea of what kind of return to expect in advance. One way to get an estimate is on www.paybackestimator.com featuring Remodeling Magazine's Cost vs. Value Report. This report shows you the estimated return on dollars spent for the 16 most popular home improvements in your area. The example below shows the results for Passaic, New Jersey: In addition to deciding which home improvements to make, you'll also need to determine how to finance the expense. Getting the proper funding for these improvements is as important as the work itself. Home Equity Loans are an excellent way to finance expenses like home improvements. "The interest paid is usually tax-deductible. With rates as low as they, are it makes sense for many homeowners looking to improve the value of their home," said Warren Valentovic, Vice President of Consumer Credit at Spencer Savings Bank. "Home Equity Lines of Credit are another way my customers finance home improvements. With a Line of Credit, you have the flexibility of writing checks against the equity in your home and only borrowing the money you need-saving you money in the long run." It is important to remember that Home Equity Loans are secured by your home. If you are unable to pay the loan back, it is possible that you might lose your home. "You should work with your lender to make sure that you are not getting in over your head," adds Valentovic. "Sound underwriting will help make sure you are able to repay your loan. I think Spencer's success in this area is due to the way we speak with our customers up front and find realistic ways to help them achieve their goals." The urge to feather your nest is a fundamental one. So continue with your home improvement plans, but remember to think about how to finance them and what kind of a return you could expect from your investment. About Spencer Savings Bank: Spencer Savings Bank, headquartered in Elmwood Park, New Jersey, is a community bank that has been serving its local communities with integrity and pride for over 60 years. The Bank, serving consumers and businesses, operates 14 branches throughout Northern New Jersey and will be opening another branch in Garwood this spring. Spencer Savings Bank has over $1.2 billion in total assets. About the Payback Estimator: Home remodeling payback information is provided by BuildSERV, Inc., creators of the Home Remodeling Estimator(TM), a web-based tool that offers the payback rates for a variety of home improvement projects, calculated and adjusted for all major metropolitan areas across the United States. The Payback Estimator tool, as well as a four-page Summary Report of local, regional and national remodeling cost and value averages are available to consumers at www.paybackestimator.com.

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