Home Renovation. Monday , October 01st , 2018 - 02:06:27 AM
Take the case where the home-owner is happy in their home and they want to stay there to raise a family - they love the community spirit of the neighbourhood, it's close to work, and there are ample facilities nearby. What is more important long-term? Stopping the basement from leaking, or getting a new kitchen? The answer should be obvious of course - renovating (restoring to a former better state) the basement is not only a necessary preventative measure from potentially significant damage to the house, but is also a requirement for peace of mind.
We often think of a home renovation as something which brightens up our living space, gives us more room, or makes us more comfortable. Consider an addition, or a fresh coat of paint, or a new bathroom. These renovations fall squarely into definition number two. They are restoring life to our home, and have the 'wow' factor which we love to share with our friends and family. These renovations also tend to add value to the price of a house, and people will talk about the return on investment that goes with them i.e. what the cost of the renovation is compared to the increase in price if the house were to be sold.
Home Equity Loans - These loans allow you to leverage the equity in your home. They are often used to fund major renovations because they offer the needed capital at a much lower interest rate than credit cards or other types of loans. Typically a home equity loan, which can be structured as a line of credit secured against your home's existing equity, is limited to 80% of your home's value, but a mortgage broker can often work for you to secure loans of up to 95% of your home's value. With home equity loans, there may be some setup costs, but like lines of credit, there is room to allow for cost overruns and unexpected expenses.
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