Ways to Finance that renovation

So you have finally purchased that 19th-century farmhouse that you have always pictured yourself living in the problem is how do you finance the restoration? It is easy to get mortgages for the value of the home even a little extra if you have a good credit rating but today a renovation can cost more than the original purchase price of the property.

The first option s to look at your available assets. You can get a home equity loan if there is any equity in your house. Use your credit cards for short-term renovation or borrow money from your parents these ideas are only usable in a short-term renovation once the renovations are completed you should be able to refinance your home and pay off the relatives, high-interest credit cards and roll your home equity loan into your mortgage.

You may be able to get a “line of credit” a line of credit is usually easy to get up to $30,000.00 without much effort and with a minimal amount of paperwork, these lines of credit are good for short-term renovations that are under the $100,000.00 dollar mark. The interest rates tend to be on the high side but you can draw out the money as you need it and only pay interest on the cash that has been withdrawn and again once the renovation is completed you can refinance and pay off the line of credit and combine all your loans in the mortgage.

Depending on the scope of your renovation you may be eligible for store loans and credit card offers. Many home stores now have their own credit cards they offer deals such as interest-free credit for one year you may be able to negotiate a longer term. The important thing here is to pay off the loan/credit card prior to the free period expiring otherwise the interest will revert back to the initial purchase. Some stores will also offer you an interest-free construction loan for your project the terms of these construction loans vary from store to store read the fine print carefully like the credit card deals these usually have a time limit. Again once the renovation is completed you can refinance and pay off the loan avoiding high-interest debt.

Construction loans are generally reserved for larger projects this kind of loan is a short-term loan the money can be taken as needed and interest is paid on the money that has been taken out. Almost everyone now offers construction loans this completion has brought the costs of these loans down. The nice thing about construction loans is that you can withdraw the money as you need it once the renovation is done you can refinance and have one closing and one mortgage. One thing you should keep in mind when shopping for a construction loan is the fees and finance charges as always keep an eye on the fine print for hidden charges.

Some of our favourite kitchen remodelling ideas for homes

Kitchen renovation ideas range all the way from simply replacing the hardware on cabinets to a total remodel of this entire cooking and dining area. Here are some thoughts on a few things people dream about making happen in this room, the favourite gathering spot of many.

Installing a multi-purpose island may be at the top of your list of kitchen renovation ideas. Imagine, finally, enough room to slice, dice, cook, and wash utensils – all in the same area! With a custom island kitchen, you’d have all that along with room on the regular counter space to perform other kitchen duties. Kitchen islands have become so popular that people in the building industry estimate more than half of all new homes now have them. If you don’t, why not consider building one now?

Kitchen renovation ideas that include wood-burning fireplaces also make it to the “Boy-I’d-like-one-of-those-someday” list. Although this means major remodelling that includes tearing out a portion of a wall, constructing a chimney or other venting system, and then working with stone or brick, what a cosy, comforting addition to having in one’s kitchen! Just make sure there’s room in your kitchen renovation ideas to include the rocking chairs that would go with it oh-so-well. Sell your house fast in Oak Park

Assuming you’re low on bucks but still want to apply some kitchen renovation ideas that have been rumbling around for a while, why not consider resurfacing your kitchen cabinets? Doing this costs far less than a complete replacement and can take years off the looks of your current cabinets. You can hire a professional to do this, or you can do it yourself in one weekend if you purchase them already stained and finished.

However big or small your budget, energy level, or your imagination, kitchen renovation ideas can keep you alive with interest for years to come. There always seems to be something that could be done to enliven, invigorate, and refresh this room where so many love to hang out. So why not spend some quality time thinking up your own kitchen renovation ideas? As they say, there’s no time like the present.