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Posted by on Jun 3, 2016 in Blog | Comments Off on Financing Your Kitchen Renovation

Financing Your Kitchen Renovation

You’re tired of your kitchen. Maybe you inherited the fittings when you bought your home, or

they’re the same fittings you chose 20 years ago when you first built. Either way the surfaces are

scuffed, the appliances are worn and you wish that you could change it all. The only thing stopping

you is the cost of a full remodel: how will you finance it

There are more pros than cons

As a high traffic area containing steaming, hot and water-cycling appliances, your kitchen is the first

room in a house to show wear. Besides your enjoyment, a modern, functional and well-finished

kitchen immediately increases the value of a home as an investment. So, remodelling is a good idea,

but when it comes to cost, where do you start?

Do the numbers

Source a several reputable kitchen renovation professionals: consult with them to get an idea of

how much work you need done and let them provide you with quotes on the project. For example:

you may not have to replace the flooring, or your appliances may still be in goo

  • Do you have a home equity loan facility linked to your bond?
  • Do you have a credit facility with your bank?
  • If you need to get financing elsewhere, do you have a sound credit-rating?
  • If this is the case, you could only be looking at counters and cabinets, which already cuts the cost.

Tailor the remodel to what you can afford and you’ll know exactly how much you need before you apply for

finance.

Options for financing

Several factors come into play at this stage:

If you have a broker, this is something he or she can help you with – if not, make an appointment

with your bank to talk about the various loan options that they offer.