Home Renovation. Sunday , September 30th , 2018 - 22:39:03 PM
In addition to these general tips, you should consider the purpose of your renovation before you start. If you are updating your home for personal reasons, but you plan to continue living in it, your renovations need not be rushed. You can update a room at a time as your budget allows, or you can make grander plans. However, if you are hoping that renovations will help you sell your home, here are some factors you should consider.
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.
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.
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