Ravi Chandran
Successful home renovation will be special and very valuable to you even in an economic crisis
Your home is your domain. You have worked hard to own it. It houses you, your family, and everything precious to you. You have purchased it with a lot of love and sacrifice for a dream that has come true for you. It is probably the single largest investment you have made or will ever make in your lifetime. Even though the ongoing economic crisis has lowered the value of your home, at least in the eyes of the market alone, it will always be special and no less valuable to you.
That’s why your fingers itch to do something about it. You see some minor repairs and little changes that need to be done around the house. You envision modern countertops and new kitchen flooring. You see that the bathroom really needs retiling. The whole house begs for a facelift that a fresh repainting would do. You imagine the luxury and comfort of modernizing your plumbing. A little landscaping wouldn’t hurt the garden.
The plan gets bigger and bolder, until you finally decide it’s time for successful home renovation.
Unless you are flush with cash, successful home renovation is not possible without a loan
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Now this is no longer your domain. Right now you are living with an existing mortgage over your head, as if that weren’t enough to keep you busy as it is. You have had experience obtaining a loan for financing the purchase of this property. The idea of a downright loan does not greet you as well as a picture of a well-designed, newly-renovated home.
The great news is that your mortgage enables you to take out a home renovation loan with ease. You already understand and know how the system works, and this previous knowledge will guide and benefit you in looking for a good home renovation loan offer.
A home renovation loan does not deviate from the very idea of an installment loan. It is a similar loan which is repaid over time with a set number of scheduled payments. It may vary from a few months to as long as 5 years, depending on the terms agreed upon in your loan. If the bank or lending agency sees that there is sufficient equity to in your home, this could be all that would be required to advance you the fund for your home renovations.
Before you make this cash advance, it would be wise to make some estimates on how much you will be spending and applying for in your loan. Try to calculate the advantages and advantages of doing the renovations yourself versus contracting out the jobs to professionals.
Your Best Option
An installment loan for a home renovation project is a safe and affordable alternative to other types of high interest loans. It has the flexibility that not many other loan types offer. There are many available options for home renovation loans, and the best deal can be worked out for you according to your needs. After a successful home renovation, the benefits you reap are twofold. As your home becomes more invaluable to you, your home and property have also increased in their value elsewhere.
If you are considering a home renovation, make sure you research your project carefully to ensure you are making a wise financial decision and getting the biggest bang for the buck.
Not all home renovation is what they are cracked up to be. When deciding what type of renovation to undertake and how much to spend, consider the payback on your investment.
In general, renovations are unlikely to deliver a dollar-for-dollar return on investment, sorry but it’s the truth. That’s not to say that doing renovations is a waste of money, rather it is to say that you should balance your family’s enjoyment of the home with your desire to make a wise investment decision.
When determining the scope of your renovations, “keep it simple stupid”. Forget about the luxuries and keep the renovations general and to projects that improve the homes appearance.
Probably the greatest return on investment is painting and decorating. Why? Because they play on people’s emotions and when you play with emotions, people tend to do things they wouldn’t always do. It’s amazing that if carefully throughout, a can of $30.00 paint can potentially bring back hundreds and sometimes thousands of dollars.
Here’s a good rule of thumb when it comes to home renovation – Don’t be the best on the block, you may be overpricing your home for the neighborhood. From an economic point of view, make your home no more than second best in the area.
When planning for successful home renovation, remember that the house is much more than just four walls and a roof – it’s an interactive system made up of many components including the basic structure, ventilating and air conditioning equipment, the external environment and the occupants. Each component influences the performance of the entire system. A renovation provides an opportunity to improve how your house performs.
Another smart way to avoid overspending on your renovation is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. You should get in touch with loan consultants to help you get the best loan deal at the right price.
