Home Renovation. Wednesday , September 26th , 2018 - 14:11:11 PM
Mortgage Refinancing - If you are planning major renovations, like adding an addition or in-law suite, it may pay to refinance your mortgage. With this option you can spread the payments out over a longer period and enjoy mortgage rates that are normally much lower than those of credit cards, lines of credit or personal loans. As with home equity loans, there may be some initial fees to refinance.
Still, you probably want some advance advice about how to budget for your renovation. It is important to consider two main factors that will affect the price tag on your project - soft costs and hard costs. Soft costs include design and budget development, permit fees, and professional fees (i.e. the cost for architecture and interior design). Hard costs are related to the construction phase of your project and will include the cost of labour and materials. In the typical renovation, soft costs account for about 30% of your budget, while hard costs make up the remaining 70%.
Home renovation is an exciting project for many homeowners who want to go with the flow of the times and keep their abodes updated with new styles when it comes to architecture and interior design. However, although it may spark the interest of many, the home renovation costs that come with it are not so appealing especially to those considered as "average-earning" homeowners - and this is largely the reason why most people forgo renovating their houses until enough money is saved.
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