New home sales are slow which means business for builders, general contractors and sub-contractors is also slow. Now is a good time to buy, but its also a good time to tackle that home renovation or addition project you've been thinking about for years.

Business is slow for people in the construction/remodeling industry, which means many are broadening their scope of business and lowering their prices to attract new customers. This could lead to huge savings if you are considering a home remodel or home improvement project. Obtaining a mortgage is a little more difficult than in years past, so rather than buy for more space or that fantastic kitchen, consider remodeling what you already have.

And before you think about tapping your retirement or maxing out your credit cards to pay for your remodel, consider using a home equity line of credit to finance your renovation project.

Home Equity Lines of Credit (HELOCs) are a great way for many homeowners to finance remodeling and renovation projects, often with tax benefits. Unlike credit cards, the interest on a Home Equity Line of Credit is usually tax deductible (contact your tax adviser)... and unlike tapping most retirement accounts, there is no penalty for using your equity line for home improvement projects.

Tax benefits are not the only benefit to using your equity line. Often the interest rates on Home Equity Lines of Credit are considerably lower than credit card or other finance options. When you hear that the Federal Reserve lowered the "Prime" rate to nearly nothing, then you know that your HELOC rate should also be super low. That is because most Home Equity Lines are based on the Prime Rate. Unlike credit card rates which have been going up lately, HELOC rates are staying extremely low.

For more information about equity lines of credit or to see if you qualify, visit: