Paula Webster. Home Renovation. September 08th , 2018.
Home renovation is a fantastic opportunity for upgrading your home, improving the quality of life, and lowering the cooling and heating costs. However, the high costs of home renovation projects hold people back from undertaking one for their dream home. Although, the basic labor and material costs will remain the same, one can lower the renovation costs significantly by choosing less expensive lumber, fixtures, and other amenities.
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?
As with any investment, the financing option you choose depends on the size of the project and your current financial situation. Financing options can range from dipping into your pocket or savings and paying cash for smaller projects such as painting and wallpapering, to tapping into a line of credit, taking out a line of credit or even refinancing a mortgage for larger renovations that can range from bathroom do-overs to adding additions to existing homes.
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