Maeve Cherry. Home Renovation. September 17th , 2018.
Another way to finance your renovations is a personal line of credit. Many homeowners prefer this option for long-term renovations as you can access funds at any time. Moreover, regular repayments and monthly statements help you track your renovation expenses. While lines of credit usually have lower interest rates than credit cards, they may be higher than those on personal loans.
That said, there are always house buyers who will not do the proper ground work, so the required maintenance renovations are missed when the home is purchased. The seller, if they knew about the issue (as they often do), has gambled and "gotten away with one", and the buyer has foolishly taken on someone else's problems for the sake of the cost of a structural survey. A note to potential buyers: always, always, get a full structural survey done unless you are an expert yourself in such matters because the short-term additional cost will be far less painful than finding significant issues and having to deal with the associated heart-ache (and anger) after the purchase is complete.
Carrying out some of the renovation tasks on your own can help you save a lot on the costs. However, you need to be aware of your skills and opt for the tasks accordingly. For example, if you have never engaged in the task of crack filling, you better leave this task to the professionals until you are willing to learn during this crucial time. Moreover, most of the people feel quite comfortable with the not-so-technical tasks such as painting. Therefore, carefully analyze your skills and thereafter opt for the task of your choice. However, in your attempt to save the money by doing the task yourself, never compromise with the quality and standard of work.
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