Home Renovation. Thursday , September 13th , 2018 - 16:02:20 PM
Not only have you got to consider your budget before you start renovating, but you also have to consider the time and effort you have to put into that renovation. Even if you are hiring a professional, you should consider how the renovation is going to impact your home life. For the do-it-yourself renovator with a full-time job and family commitments, home projects can quickly become overwhelming. Similarly, when you're working with professionals, you need to be sure that your home can be lived in during the renovations. Carefully plan your renovations and be realistic about how much time and money you can commit to the project.
Loans and Lines of Credit - These are popular options that offer interest rates substantially lower than those charged for credit cards, but often higher than those of home equity loans. One disadvantage of personal loans is that once they are repaid you need to reapply to obtain more funding. Lines of credit are ongoing, up to the credit limit, so there is no need to reapply if you need more funds. (A line of credit with room on it above and beyond the cost or the renovation will come in handy on a plumbing job gone bad - see above.)
Value engineering in respect to home renovation is the process by which you analyze to determine what renovations will bring in the most profit for your home. Determine the market value of your home as well as market value of renovated homes similar to your home in your area. This is done to find out whether there is any room to profit. If the price for your un-renovated home is close to the price of a renovated similar home nearby, renovation could be a waste of time and money. Remember, the key words are "similar homes" and "in your area". There is no point comparing your home that is built on a 20 x 100 parcel of land to a home built on a 5 acre land as you are not able to stretch the size of your land. Also the comparables that you choose must be near your home, preferably on the same street or just few homes down the road from your home. You can obtain market value of these renovated homes from your local real estate office or from a qualified appraiser.
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