Anne Ruffolo and her husband were in their west-end Toronto home for about five years before deciding to pull the trigger on a big renovation.
With three young children and a house in dilapidated condition, a friend of the Ruffolos says, the couple didn’t want to move up in the city’s crazily overheated real estate market – where home prices have increased by about 30 per cent over the last year.
“Finding a decent house with a lawn in Toronto within our reach will be next to impossible nowadays,” says the 40-year-old City of Toronto employee. “It’s just make more sense to renovate.”
Here is some for renovation tips you may find helpful whether your is a fixer upper you merely needed more space …
How To Pay For Major Home Improvements (Without Giving Up Your Morning Coffee)
Let’s face it: home repairs and renovations can get costly. Between the supplies/materials, the labor, and all the unexpected costs that can pop up in between, homeowners usually need a lot of cash to get the job done.
It may leave you feeling like the only way to afford a major project around the house is to cut everything else from your budget and funnel all your money toward the home.
But there are a number of ways to fund a major home improvement, and none of them require that you deprive yourself of what’s truly important to you.
Set Up A Savings Fund
If you have some extra cash available in your budget, set up a savings account specifically for money that you can use for home improvements and repairs. It’s often a good idea to start this kind of savings fund as soon as you buy a home.
Contribute a small amount to the account each month. When you want to make an update or undergo a renovation in the future, you’ll have a nice “home nest egg” you can draw from to get you started. Or you can set a specific goal. For example, if you know you want to remodel your kitchen in the next 3 years and the estimated cost is $30,000, divide that number by your timeline — so $30,000 divided by 3 years is $10,000 per year.
Use a Home Ownership Investment
But what if you want to make home improvements right now? There is a great option that can allow you to get the cash you need for a home improvement without waiting – and without taking out a loan.
The Unison HomeOwner program allows homeowners to unlock the equity in their home with a substantial cash payment they can use right now. You can unlock up to $500,000 of home equity. The money can go toward anything you want – including any home improvements or remodeling projects. Because it’s a home ownership investment, not a loan, there are no monthly payments and no interest charges.
With a home ownership investment, you get the money you need in order to make home improvements that increase the value of your home, without taking out a loan, paying interest or making monthly payments.
Home Equity Loans and Lines of Credit
Another way to use the equity in your home is with a home equity loan or HELOC. A home equity loan allows you to borrow a specific amount in a lump sum of money against the equity in your home. It works like most other loans: you agree to the terms of repayment, you borrow the money, and then you repay it in monthly payments over a certain period of time at a certain interest rate.
A home equity line of credit, also known as a HELOC, is a little different. It’s a revolving line of credit much like a credit card. You can borrow a certain amount of money, determined by the lender, over a set period of time. You can withdraw money against the line of credit whenever you want to use it. You then repay that balance, with interest, before the period of time on the line of credit expires.
Unlock your home equity with no monthly payments and no interest charges
It’s important to keep in mind that with either a home equity loan or HELOC, the money you use must be paid back – with interest, and you will have to make monthly payments. If you use the cash for home improvements or home renovations, you need to be prepared to pay the money back on time. In a worst case scenario, a lender could foreclose on your home if you fail to pay them back.
Personal loans are a type of unsecured loan, meaning the money you borrow isn’t tied to any kind of collateral. That means you are not in danger of losing your home, but there is another cost. Since these loans are riskier for the lender, they are harder to qualify for and they usually come with higher interest rates. The maximum amount available on a personal loan is frequently much less than what might be available with other forms of financing.
A higher interest rate will increase the overall cost of your home improvement projects, which is not ideal. If you do decide to use a personal loan, be sure you have a plan to repay it according to the terms set out by your lender. Never request more than you can reasonably afford to pay back, and always carefully evaluate the terms of the loan before you sign on the dotted line.
Guide for Home Remodeling
Whether you are planning to replace your old and ageing roof or want to improve or remodel your home for some reason- you will find that a variety of options available regarding these jobs from roofing contractors and home remodeling contractors. As a matter of fact there are many ways in which a homeowner can actually renovate or improve his home and Home Improvement companies are renowned for providing their clients excellent quality home improvement and remodeling services against competitive prices.
When it comes to the many different options available for Home Remodeling, renovating the home in a way to make it green and more environmental friendly can be a wonderful choice and the trend is already quite popular here. Green remodeling is no doubt a superb and effective way of making your home more environments friendly and also ensuring a healthy atmosphere both inside and outside. But if you are looking for some green remodeling and improvement solutions it is always the best to find some professional assistance. You can also consider hiring an inspector for a thorough inspection of the actual renovation requirements and also for identifying areas those can already be considered as green.
In order to best help their clients by offering complete range of Home Improvement, the home roofing and remodeling companies have experienced professionals for bathroom and kitchen remodeling, handyman services, fencing flooring and masonry services, roofing and also a variety of other jobs. A kitchen remodeling job might include replacing all your old and outdated kitchen appliances with new energy efficient and environment friendly models, introducing new appliances for efficient cooking in less time and also changing your kitchen design to accommodate all the new improvements. Any reliable home remodeling company should be providing you all the above mentioned services during a kitchen improvement and remodeling job and finally come up with a modular kitchen that is not only a beautiful and comfortable place for cooking but is also energy efficient and environment friendly. Similarly many different options are available for remodeling different parts of your home and you can always depend upon the Home Remodeling companies for all comprehensive services.
Similarly to other parts of your home you also have a variety of options available for roof remodeling . You can consider roofs those are energy efficient look trendy and also require minimum maintenance as wonderful choices and roofing contractors can always do that for you. Among the many different roofing options presently available for homeowners’ composition shingles are probably the most common and popular. They are available in many different colors against very reasonable prices and are also easy to install requiring very little maintenance. But the only problem that you may face with them is that they are widely used in the area and may make your house compromising with its distinctive appeal. Many other varieties of roofing options and home improvements options are also available with the home remodeling companies and you can always visit http://homesmartplus.net/ for any information that you need about them.
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