When people think of renovations I'm sure images of the movie "The Money Pit" with Tom Hanks and Shelley Long come to mind!  So why renovate your home?   To increase the value?  Flip your  home?  Is it just a desire to be in a more contemporary, efficient and aesthetic environment? No one wants to maintain the wall to wall aquamarine carpeting from the sixties! I have seen my share of houses from a fully yellow house to a whole basement set up as a discotheque with mirrors, glass ball and  several lighting panels in a velvet room. Don't ask???!!

Whether you plan on selling your house or simply want to improve your home's functionality and aesthetic, there are certain home improvement projects that automatically increase the market value of your home. On another note renos do create a sense of well being, balance and harmony (once they are completed that is!!!).

Now the big question is what do you renovate to get your most optimal value? What finances do you commit to this project? What avenues do you take to finance your project?  Let's look as some steps to get you on your way:

1. There are many websites informing you of the return of the percentages of  each type of room or different features of the house you renovate. Explore and research many of these sites. Your decision should be informed. Summarizing the multitude of charts:

•                             1.  Kitchen - The kitchen is the hub of the any home. Key features you should take into account are adequate floor space when remodeling a kitchen, appliance placement for greatest meal preparation convenience and ease of mobility, and adequate storage space.
•                    2.  Bathrooms - It more functional to add another bathroom or remodel the existing one. Just like kitchen remodeling a bathroom remodeling most often requires the services of a professional contractor .
•                    3. Windows - Windows and exterior doors are always subject to the wear and tear that comes from constant use and exposure to the weather. Replacement is generally costly but it will provide cost savings in energy use which will make your house more comfortable
•         

2.  What finances do you commit to these projects? 

•                               1.   Kitchen -  cost me
•                     2.  Bathroom - cost me
•                     3. Window - cost me

 Are you planning to do it yourself?  Remember, since the advent of home improvement shows the highest rate of injuries in the emergency room are caused from home renovations. No one has to prove anything. Signing a check book is just as powerful as building it yourself!!!   Always make sure you get multiple quotes on the job. References from friends in the end turn up to be golden.   

3.     Options to finance your project:  

• 1. credit card ( recommendation-  "don't do this" ) -Many do-it-yourself-ers use credit cards to pay for the renovation and materials. Be very careful not to leave the balance unpaid for too long. Credit card interest rates can be as high as -- or even higher than -- 18 per cent. ... read on
• 2. credit line ( recommendation "if the rate is good" ) -Projects under $25,000 or so, banks can often offer a line of credit. This is considered a practical solution when the homeowner isn't sure how much the project will cost. He/she will pay interest only on the capital used. The flexibility of a credit line does comes at a price: Interest rates are generally higher than those for personal loans or mortgages. .... read on
• 3. mortgage based options -Financial institutions offer individuals the option of using their home equity to borrow at low cost .... read on
• 4. mortgage add-on - Allow access to additional funds by simply adding them to an existing mortgage, based on the current appraised value of the home ...read on
• 5. new mortgage - When faced with major renovation costs (more than $25,000), homeowners may want to negotiate a new mortgage .... read on
• 6. personal loan- An alternative if the above options don't work is a personal loan, although interest rates on such loans are generally higher than mortgage rates ... read on

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create the home environment that you want and build your wealth

through real estate acquisitions.  

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