Home Renovation. Wednesday , October 03rd , 2018 - 20:44:46 PM
Home Equity Loans - These loans allow you to leverage the equity in your home. They are often used to fund major renovations because they offer the needed capital at a much lower interest rate than credit cards or other types of loans. Typically a home equity loan, which can be structured as a line of credit secured against your home's existing equity, is limited to 80% of your home's value, but a mortgage broker can often work for you to secure loans of up to 95% of your home's value. With home equity loans, there may be some setup costs, but like lines of credit, there is room to allow for cost overruns and unexpected expenses.
If you spend much time watching home renovation programs, you probably have the misguided impression that these types of projects are quick and easy. These programs are successful because they essentially have unlimited budgets and the assistance of top renovation professionals including designers, contractors, and tradesmen. In reality, homeowners are often renovating on a fixed budget and their access to resources is more limited. Moreover, home décor programs rarely discuss the cost of home renovations, and when they do it can be difficult to determine what is covered in their budget. So what is the cost of home renovation?
Planning is the key to a successful renovation that is completed on time and on budget. Ideally, you want to set your expectations in advance so that you can avoid any problems as the renovation progresses. You not only want to consider your own style and vision, but basic elements that will impact your renovation. For example, always consider lighting before you make changes to windows, take careful measurements of rooms so that you know your renovations can be accommodated and coordinate style elements for particular rooms throughout your entire renovation.
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