Home Renovation. Thursday , October 04th , 2018 - 04:46:46 AM
Whether you are pursuing small, inexpensive renovation projects or you have considerable savings behind you, you may want to consider funding your project from your personal resources. However, you should still speak to a financial advisor to ensure you have appropriate funding, especially if you are inexperienced with home renovation projects.
Simply put, this is a very difficult question to address. First, the cost of the project will depend entirely on the nature of the project. For example, a kitchen renovation is one of the most expensive projects in the home, whereas updates to a bedroom may cost considerably less. Moreover, the scale of the project will impact your budget not just because of resources and materials, but also because of time. If you need to move out of your home during your renovation, this will impact your budget. Plus, many tradesmen will work at an hourly rate, and the more time spent on the job will translate to increased costs for the homeowner.
However, there is sometimes a far more important home renovation to be considered, and that, unfortunately, falls into definition number one. It is the maintenance renovation, the "restore to a former better state" renovation, the boring renovation - and the ratio of financial cost to "wow" factor absolutely stinks. This type of renovation includes things like a new roof, foundation repairs, pointing, insulation, and wiring - normally renovations you can't see - and are generally the top priority of any home owner, no matter what situation they are in.
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