In this economy, you may be hesitant to spend big bucks on tackling major home improvement projects. Fortunately, short-term fixes can still make a big impact – without resulting in a bill that’s through the roof. “Making a short-term fix can actually help you start saving money immediately,” says Terry Maples, Financial Center Manager with Fifth Third Bank. “Especially in the case of older homes where small repairs, such as replacing drafty windows and installing newer, more energy efficient appliances, can significantly lower your energy bill.”

The Problem: Drafty Windows
The Fix: Start with caulking your windows from the outside to help seal cracks and crevices. You can also help eliminate extra spaces by adding weatherstripping around window perimeters. Closing gaps can help you save up to 15 percent on energy costs and reduce the demand on your heating and cooling systems. You may also want to consider completely replacing windows that can’t be fully closed or have visible cracks between the frame and wall. The cost per window will depend on the type of frame you need, but may range from $200 to $800.

The Problem: Leaky Roof
The Fix: A leaky roof can cause moisture to seep into your home during rain and snowstorms and lead to rot and mold inside the walls. Start with fixing leaky plumbing vent stacks and/or the chimney. You may also want to pay close attention to extra spaces around skylights, if your home has them. However, if your roof has several problem areas you may need to replace an entire section. The cost for a 20-by-30 foot section, including labor, generally runs between $2,000 and $4,000, depending on your roof’s shingle type.

The Problem: Old Appliances
The Fix: Installing new, energy-efficient appliances can help save you money every month on your energy bill. Additionally, replacing older appliances with new, government-approved models may also earn you a tax credit. For example, a hot water heater can be purchased for under $1,000 and along with reducing your energy bill today; you’ll also receive a tax credit at the end of the year. Other appliances you may want to replace include your furnace, refrigerator, dishwasher and washer and dryer.

If you need help paying for short-term home repairs, Fifth Third Bank can help. Your options may include:

• Home Equity Line of Credit — This choice allows you to use equity you’ve built in your home. You can use your approved line of credit at any time during the loan term and the repayment schedule is flexible. Learn more about Equity Lines of Credit at Fifth Third Bank.
• Credit Card — Fifth Third Bank offers several credit cards with an introductory zero-percent APR for up to 12 months. However, you should only take advantage of this option if you do not qualify for a home equity line of credit and can repay the amount you spend within a short period of time.

If you prefer to save for home repairs in advance, consider opening a Fifth Third Bank Goal Setter Savings Account. There is no fee to open this type of account and after you’ve reached your savings goal, Fifth Third Bank will reward you with a cash bonus equal to the amount of interest you’ve earned over the life of the account. “It’s a simple way to save money that rewards you for staying on course and reaching your goal,” says Maples.

Visit Fifth Third Bank today if you need help paying for home improvement projects. “Our financial professionals are available to sit down with you and listen to your needs and what you want to accomplish,” Maples says. “We’ll help develop a cost-effective plan that works for you.”

To learn more home improvement projects, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans subject to credit review and approval.

Fifth Third does not provide legal or tax advice. You should consult your tax advisor with any questions.