home renovation financing

When doing any kind of project, especially renovation, there’s one burning question that comes to mind. How can I afford this and how do I do this in a manageable budget? You obviously don’t want to go overboard but you don’t want to go cheap as well. The best solution is somewhere in the middle as your budget allows.

The first question you should probably be asking yourself is if you’re going to be relocating or renovating. Are you willing to make a move and purchase a brand new home? Starting all over can be scary for a lot of people and a heck of a lot more expensive than simply renovating your current home. When you do some research into how much it would cost you to renovate your home over relocating, you’ll see just how many benefits there are to renovation over relocating.

However, not everyone should renovate their home. Not everyone is cut out for it and it doesn’t help every home. If you’re in a bad neighborhood where there’s no market for pricey homes, you’re more than likely wasting your time and money.

  • Will these renovations add any kind of significant value to my home?
  • Will these renovations improve my standard of living in my home or am I happy with the standard of living currently?
  • Am I in need of emergency repairs or an extension to the home?
  • Will I be using a generic hardware company or a well known one such as Top Knobs

When you need to finance a home renovation project, you have quite a few options. You have your credit providers and some lenders but you’ll want to note that they do have some restrictions. They don’t just give you a bunch of money for home renovation, most of the time they limit money given to people who are:

  • Adding another room to their home as an addition
  • Updating or remodeling the bathroom
  • Adding a patio or an area outside for recreational use
  • Installing a swimming pool, provided you have permission from the city
  • Expanding your current garage from a single car garage to a double car garage

So, what about the current methods of finance? What’s available and what options are there for renovations?

First, you have what’s known as a home equity loan. For this type of loan, you simply borrow the money that your current home value is worth and usually pay back the loan plus some interest. This varies from state to state so make sure to check up on that.

Second, you have what’s known as a personal loan. I wouldn’t personally recommend this but if you don’t currently have anything you could use as equity in your home, this might be the option for you. However, the personal interest rate is going to be far higher than equity loans because the lender knows you have no equity or nothing of value and they want to get as much money as possible back.

Consult with a bank or your accountant before going into home renovation and applying for any kind of financing.

 

home improvementLiving spaces can be monotonous if they remain the same year in year out. This is brought about by the dynamic nature of the human mind which demands changes frequently. It is also possible to move to a new house and not feel impressed by its interior and exterior appearance. A home is a very personal space that needs to be remodeled to fit the occupier’s needs, tastes, and preferences. Home improvement doesn’t need to be an expensive procedure, especially because it is something that will need to be done more frequently. Here are a few home improvement ideas that will blow your mind and make your space more interesting.

Consider wall paper as opposed to paint

Wall paper has many advantages over paint and the most outstanding is the ease with which it can be removed and replaced. It is normal to have a preference for a specific color at one point and get bored with it later on. In this case, you will just get another wall paper and stick on.

Increase kitchen storage space

Sufficient storage in the kitchen will ensure more free space making a small kitchen appear bigger. Storage space can be created in unique places such as building drawers beneath the island and installing pull out cabinets that can also function as counters among many other ideas that one can think of.

Make use of space under and on the side of the staircase

The staircase is a great space that can be personalized in so many ways. Some of these great ideas include installing book shelves on the sides, building a dog house or play house for the kids, shoe rack or even storage troughs beneath the staircase.

Create hidden rooms

Hidden rooms are very personal spaces that can be used as libraries, home office or nook. This can be created by converting an access door to a bookshelf or having a movable staircase that can be lifted to reveal the room.

Extend slabs from both sides of the fireplace to create sitting space

This is a great idea that provides a place where you can sit with your family on a cold evening with close proximity to the fireplace and without having to worry that furniture might be destroyed by the heat.

Consider bunk beds for kids’ bedrooms

This is a space saving idea that will ensure the kids have enough space to entertain their friends for sleepovers. With bunk beds, there will also be room for the kids to play and store their personal belongings.