Home Renovation: How to Boost Your Cash Flow for Large Home Improvement Projects

Wednesday, September 27, 2017, 6:00 AM | Leave Comment

The first goal is to come to terms with why you want to renovate. A major renovation is major, and homeowners should do it for the right reasons.

Decide whether it is to increase the home’s value, or if you are looking to sell, or if you plan to live in it for years to come.

There are a number of ways to improve your home without going broke in the process. You can also accomplish cash-saving goals while doing something good for the environment.

  • Conduct an Energy Audit

    Conduct a home energy audit. Any home improvements that enable energy efficiency are worth their weight in gold. An energy professional can quickly determine home areas that will best improve overall energy ratings.

    A do-it-yourself home energy assessment can also uncover opportunities to save energy and money. Look for cracks and holes in the home’s siding and foundation, and check for leaks around doors and windows.

  • Shop Online for Products

    Shopping online can be a viable alternative to shopping in overpriced retail stores. Many online stores can offer products and services that are financially attractive to their customers.

    Online prices can also be highly competitive. The availability of products a customer can purchase online works in their favor.

    As with any retail outlet, make sure the online store has a solid reputation for handling complaints or product returns.

  • Arrange for Favorable Financing

    The equity in a home is an asset, and homeowners can use it to fund large home renovation projects.

    A home equity loan, like that offered at places like General Electric Credit Union, helps consumers borrow up to 80 percent of their home’s equity.

    A second mortgage can also pay off bills or fund a family vacation. Always look for favorable loan rates.

  • Seek Bids from Several Contractors

    This may take a little homework, but it can save money on your behalf. Break the renovation work up into phases with a bid for each phase.

    You can also specify your desire to sign off on material prices. This will allow you to negotiate prices for material and labors costs for each home improvement phase. The experts suggest getting at least five bids.

    Never choose a contractor based on the lowest bid. That contractor’s bid may be cutting corners.

Homeowners should also take into consideration how they plan to live through the renovation. Roof remodeling, kitchen repairs, or projects that remodel half the home may require families to move out for several days, a week, or even longer. This can disrupt a family’s lifestyle in a major way.

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