Home Renovation. Friday , October 05th , 2018 - 23:49:46 PM
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.
Credit cards are a common source of funding for renovation projects because they are easily accessible and the funding is available immediately. For small projects, or minor costs, credit cards may be an appropriate choice but you should be careful to consider your interest rate as many major credit cards come with annual rates in excess of 17%.
More specifically, home owners can expect bathroom and kitchen renovations to start at around $400 per square foot; however, renovations in other rooms can be much cheaper and home owners can estimate renovation costs at around $200 per square foot. Since many factors affect the cost of a renovation, it is impossible to provide hard figures. Still, if you work closely with a contractor and use these estimates as a starting point, you'll have a clearer picture of your overall budget.
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