Nadia Mcmillan. Home Renovation. September 22nd , 2018.
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.
Determine how much value each renovation adds to your home. This information can be obtained from your local real estate office or a qualified appraiser. Real estate salespersons and appraisers for most part use a process called CMA (comparable market analysis) to determine your home value. In short the appraiser looks at similar properties sold recently near your home. Using hisher extensive database, the appraiser is able to adjust the price based on the condition of various areas of your home as well as any new additions. For example the database indicates that an additional second bathroom in your area increases home value by $8000, updated kitchen increase value by $6000, Second garage does not impact the value and etc. This is how your local real estate salesperson is able to price out your home.
Cutting down your home renovation costs doesn't mean you have to compromise with the quality of work. As you are preparing for renovating your home, make sure you keep a watch on the local store sales and flyers. Many times, companies come out with discounted prices for their over stocked products. However, buy only those products that you need and don't get swayed away by the heavy discounts. Moreover, you can also talk to your friends and relatives, who might have huge stocks of renovation products lying at their place. They might be willing to sell off their extra stuff at reduced prices. Some might even donate the items to you willingly free of cost.
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