De dagelijkse Uiteinden van de Vernieuwing van het Huis

OK, so you need to pay for all of these home renovation expenses. What to do?Of course you already have estimated how much the renovations are going to cost and how you will pay for them and will stay within that budget, right? Well, OK, maybe not. Make sure you can afford the costs of your renovation. [this is the point wherein we direct you to your own financial advisor for such things and tell you not to spend more than you can afford, but you’ve heard that all before, right?]

Bank lines of credit; if you can get them secured on your house the interest rate will be less than an unsecured line of credit. Those big box renovation stores [you know the ones we mean] have their own credit cards with promotions every once in a while such as ‘Spend $299 or more and don’t pay for 6 month’. Every once in a while it’s extended for 12 months. Now, usually when its 12 months most of their products are not on sale, so you have to judge are you really saving any money. Credit cards…….avoid them like the plague because of their EXTREMELY high interest charges if you cannot pay off the balance at the next statement due date; with one exception.You know those checks / cheques you receive in the mail from them. Sometimes those checks / cheques offer you EXTREMELY low interest rates in the 2.9% or 3.9% range for 6 months. Then they can be terrific as these rates are lower than any bank line of credit……as long as you can pay them off within the 6 months time frame, otherwise the rate goes back up the the regular 25%, 28% p.a. or hghter.

And, not all of the credit card checks offer the EXTREMELY low interest rates so read the fine print before using them.

We’ve used all of the above to help finance our home renovations.

Above all, watch the dates due on these low financing and, again, don’t buy off more than you can affort……after all, do you really need that solid gold toilet?