Home Renovation. Thursday , October 11th , 2018 - 06:03:37 AM
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?
Self-Financing - This option makes sense for smaller projects. It is also a feasible option for do-it-yourselfers on a pay-as-you-go (or pay-as-you-build) plan. Credit Cards - Charging large expenses to a credit card is an option, but not necessarily a good one. With their higher interest rates, credit cards have limited value in home renovation projects, and can be damaging to your financial health if there are unexpected cost overruns. (A do-it-yourself installation of a tub surround in your bathroom can turn expensive if your plumbing skills are not as honed as you would have liked them to be and you notice water dripping through your living room ceiling!)
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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