Home Renovation. Saturday , September 15th , 2018 - 14:38:39 PM
So how does the average homeowner know if there are maintenance renovations that require attention? There are a few ways to find out, and sticking your head in the sand is not an option. That would be akin to not going for a regular check-up at the doctor or dentist - if no-one tells you there's a problem, then there is no problem, right? Wrong. The first thing to do is to call upon your gut instinct. You probably have a suspicion if the electrics might be an issue (there's a spark when you plug appliances in, for example), or if there's damp in the basement, or if the attic insulation is insufficient; after all, you're the one who lives there. Take a look around the outside of the house for any signs of worsening damage - are cracks bigger than you remember them? Does the roof look patchy? Do you have an effective water management system - one that drains run-off water away from the house foundations?
Mortgage refinancing is only an appropriate option when you are undergoing major renovations. This type of financing allows you to spread the repayment for the renovation over the lifetime of your mortgage while also allowing you to access the lowest interest rates. Still, once again there are initial costs that may include legal and appraisal fees.
Unfortunately, cost overruns are common with home renovations. When budgeting for your home renovation, be sure to leave a contingency fund for overruns or other unforeseen expenses. And as the project proceeds, you may discover that you want to add new items to the renovation, so having a little extra cash on hand is a good idea. Always plan ahead and try to be accurate about the costs of your home renovations. If you are making major changes, a mortgage broker can help you decide on which home equity options are best for you.
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