If you’re a home owner, there will eventually come a time when you have to get some renovation work done on it. While planning a renovation project can be a rather exciting thing, it can also get really stressful, particularly in the finance department. Managing your budget responsibly can get a bit tricky. If financially managing a renovation project becomes a bit of a problem for you, perhaps this article written by Tony Rigby for RealEstate.com.au can help.
Avoiding a financially draining renovation
Rigby talks about how financially draining a renovation project can be, and he dispenses advice on how to avoid being in that situation. A lot of his tips make a lot of sense, particularly the part where home owners doing renovations should know their limit. I personally know some home owners who found themselves in a financial hole because their renovation work has gotten out of control.
I also agree wholeheartedly with constantly communicating with your builder. When you regularly talk with your builder, you’ll be able to know ahead of time if your renovation project is going to overshoot your budget, and that means you can prepare for it when it does happen.
I don’t agree with the advice about not using credit cards for a renovation project though. I’ve always believed that as long as you use plastic wisely, using it for a renovation project is okay. In fact, I know that using your credit card for your renovation project has a number of benefits.
Nevertheless the rest of his tips for financially managing a renovation project are sound financial advice, and you would do well to heed them when the time for a renovation project for your home comes.
Click here to read the article in full.