Personal Finance By 2231 Views

4 things to know before tackling a home reno

(NC) A home renovation project often comes with many questions and unknowns. These useful tips will help keep your renovation on track as you work to create the home of your dreams.

  1. Small changes can add up. Changes that seem simple to you, like moving a light switch, can require a lot of work and have the potential to increase costs. Be sure to check with your designer or contractor on even a slight adjustment to understand what it means to the end design and your total budget.
  2. Invest in everyday items. Items you use daily, like door hardware, faucets and appliances, are prone to wear and tear. Investing in quality products will ensure these things last and can save you money in the long run.
  3. Prioritize your most lived-in rooms. To help stick to a budget, consider focusing your investment on rooms where you spend the most time, like the living room or kitchen. Doing minor changes in several rooms may leave you feeling incomplete or mean you need to start the process all over later, costing you more in the long run.
  4. Consider refinancing options. Renovations can sometimes be pricey, but there are options to help manage the cost. For example, a home equity line of credit, like the TD Home Equity FlexLine, allows you to use the equity in your home to access credit. This can help you manage cash flow and often comes with a lower interest rate than unsecured loans.