Planning Your Home Renovation
If you are a homeowner who's watching the real estate market for larger space, you might first weigh the benefits of investing time and money on improvements to your current residence. Remaining in the comfort and familiarity of your home and neighborhood may appeal to you and the cost of home improvements may be reasonable.
The following five step can be used to determine the scope of your renovations:
1. Set priorities by consulting the whole family and consider whether these needs will change over time.
2. Look at what you already have. If you need more space, perhaps a more efficient floor plan will accomplish your goals. Refinish hardwood floor instead of installing brand new carpet. Or modify existing kitchen cupboards, rather than replacing them.
3. Plan the work to fit your budget. Choose less expensive materials and consider your operating costs. Water-saving fixtures and energy-efficient lighting are two ways to achieve long-term savings.
4. Save on labour. If you have the skills and the time you may be able to stretch your money by doing some work yourself-such as landscaping and painting. It is important to have a professional do any structural or mechanical work to maintain the value of your home.
5. Finance your project. For the cost of smaller jobs, such as painting a room, you may find that your credit card, line of credit or personal savings can come in handy. But, when the project is too expensive to be paid for in this way, you may consider a loan. And if you decide on a major home renovation, you may find it more economical to add the cost to your existing mortgage. Ask about a future advance on your mortgage.
Whether your home improvement is simply cosmetic or a major upgrade, Southwest Credit Union can provide information to help you make the best decision for your property and your budget.
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