5 Keys to Finance a Home Renovation
A well executed home renovation can resulted in increasing your home market value. The following tips allow you to achieve renovating and at the same time increase home market value.
1. Consider Your Budget
It is exciting to plan your home renovation and at times you may go overboard, stand back and think of how you will pay for the renovation.
- If you are financing a loan for your home renovation, you have the option of tying the renovation loan into your home loan. However this
- If you are paying cash and have limited budget for your home renovation, it is wise to focus on necessity such as the kitchen, bathroom renovation and cabinets installation. Work your way up and you may add on fittings and good to have items on a later date.
2. Allocate Your Budget Wisely
Well planned layout and high quality kitchen, bathroom and cabinets renovations almost always add extra value to your property. The same can't be said for plaster ceiling or porch area. Key point is, focus on necessity rather than luxury. Luxury renovations do not warrant a fiscal return.
3. Introduce Environmental Friendly Elements
It is always encouraged to add environmental friendly elements into your home renovation such as energy efficient appliances, rainwater tank and heat resistance feature such as double layered window. These not only add value to your home, it will also save you on utility bills on the long run.
4. Avoid Over Capitalizing
Avoid over capitalization by not spending more on the home renovation than the value it adds to your home. Take consideration of the market value in your surrounding before deciding to spend. For instance, if your surrounding areas are family oriented, it can add value to your home if you ever decided to add an additional room, not much so if the area is single person oriented type.
5. Be Realistic
Finally, remember to be realistic about your budget. During home renovation you will get caught up in the excitement and may go overboard, this would resulted you running into debts or worse. Decide on your budget for your home renovation and stick to it.
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