(NC) Sometimes, what starts off as a small renovation project can quickly escalate in size and cost. To avoid surprises, it is important to consider where to invest, where to save and how to budget as you embark.
For larger projects, refinancing your home or using secured borrowing accounts can be a good option to help cover costs. Often, interest rates on mortgages are lower than credit cards and loans, and it can be simpler to have one consolidated payment. PC Financial has a wide variety of low-interest mortgage options that allow you to earn PC Points, which can be redeemed for groceries, home products and clothing for your family.
To maximize your budget and ensure your renovation helps build value, here are some helpful tips from HGTV and Cityline design expert Karen Sealy on when to invest:
• Kitchen: Investing in modern amenities, while creating an inviting and functional space, will make this important room more enjoyable for you and appealing to future buyers.
• Flooring: Do your homework and invest in a high quality, timeless choice. Open concept living spaces are a trending aesthetic that can be enhanced by new floors.
• Curb appeal: Make your home more welcoming to visitors and potential buyers by investing in a beautiful garden with well thought-out lighting; redoing your walkways; and adding some simple architectural details.
Alternatively, here are some items Sealy says you can afford to save on:
• Tile: Comes in varying thicknesses based on use. Wall tiles can be thin — which is a cost saver — while floor tiles should be thicker. Consider porcelain tile, as it is durable and resists chips and cracks, making it a smart option.
• Cabinets: Consider updates to your cabinets instead of buying new ones. Easy changes like adding a bank of drawers or updating hardware could be just the transformation you need.
• Paint: New colour is an easy way to instantly makeover your space and achieve a fresh look. The most important step - good preparation and quality paint.
Before tackling your next big project, it is important to have a budget in place and make sure you are able to properly finance your renovation. PC Financial mortgage advisors can help you find a refinancing option that fits your needs and is in your best interest.