Are you looking for ways to save money on a home remodeling project or renovation?
And what’s the best way to pay for that project?
Get answers to these questions by listening to this week’s episode of the Ilyce Glink Show. You can click the audio link below to listen to the full show, or download the podcast via iTunes.
This week’s show is for anyone considering a home remodeling project or renovation. These projects are major expenses which merit careful planning and consideration before you commit to a budget or start writing checks. So I arranged the entire program with the goal of providing important advice on how to approach remodeling from a financial standpoint. Tune in for money saving tips and my exploration of the different financing options most homeowners will consider when planning a remodel.
More About This Show
Glinkonomics Report [1:00]
Should You Use Home Equity or Savings to Pay for a Remodeling Project? [5:35]
When you’re planning a remodeling project or home renovation, it’s a good idea to start by determining how you’ll pay for it. Usually that comes down to taking out a loan or using your savings.
Some people may have enough cash saved to consider paying for their remodeling project or home renovation out of pocket. But just because you have enough savings to pay for your remodel doesn’t necessarily mean you should rule out either a home equity loan or a home equity line of credit (HELOC). Tapping into home equity can be a smart move, under certain circumstances. Your individual financial situation will determine what payment plan you should choose.
Q&A: When You’re Retired, Should You Use Home Equity or Savings for a Remodel? [10:48]
If you’re retired, you may not have enough income to pay for a home remodel, so you’ll have to decide between using savings or a home equity loan.
While using savings might seem more sensible than taking on debt when you’re retired, it’s also critical to maintain enough liquidity in case of a sudden change in circumstance. Using home equity to obtain a loan for a remodeling project or renovation can be a smart move for some people.
5 Ways to Save on Home Remodeling [13:09]
Here are five money saving tips to help you get more bang for your buck when you undertake a home remodeling project.
Home remodeling projects and renovations can get very expensive, very quickly. That’s why it’s a good idea to plan your money saving strategies carefully, in advance, and take advantage of every opportunity to cut costs. From avoiding cost overruns to using rental trucks to save on labor expenses: if you’re willing to put in a little extra legwork, you can save yourself some money – and maybe some sanity – on your home remodeling project.
If you have any questions about this show or in general, email me at [email protected]
Click the audio link below to listen to the full Ilyce Glink Show.
Thanks for listening!