Evaluate Your Personal Finances Before Renovation

Are you renovating your home?

Measure twice, cut once, and spend plenty of time thinking through your renovation.

The stock market is sky high. Interest rates are low. You’re feeling secure financially. Must be time to renovate.

Before you plunge in, take stock of your finances. Figure out how much you have to spend and then set the budget accordingly. Make sure you know what your renovation dollars will bring back to you in home value appreciation. If you’re already got the most expensive home on the block, your plans could be a big waste of money.

Most folks finance their renovation. If you’re borrowing the cash, you can either refinance your loan — a good choice since interest rates are so low — or get a home equity loan. Home equity loans are better for small projects — ones that you can repay quickly. Refinancing is a better choice if you need a large amount and you’re planning to stay put for awhile.

Check out your builder’s reputation before you hire him. And, consider having a lawyer look over the documents before you sign.

Measure twice, cut once, and enjoy.

Published: Mar 17, 2003

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