Renovate Realistically Not Theoretically
Renovations are a great way to add value to your home, but only when they are done RIGHT!
Many times, renovations are done to fix an existing problem and many home owners do not want to sink more money into fixing that problem than they have to. This is renovating theoretically. There is no such thing as a cheap and easy renovation. Many times, patching up a problem with a quick reno fix, will only lead to future problems such as mold, persistent leaks, or the renovated area falling apart.
As Mike Holmes describes in his blog titled " Tips For Realistic Reno's" Mike states; "In most cases, you can't just do a quick fix and leave it at that. It's not worth your money... Simply replacing the tub and tile, toilet, sink, and cabinets is not going to solve your problems. If you're going to stay in the house, all you'll have achieved is putting off the work (such as proper plumbing and electrical, getting rid of mold, and proper waterproofing) that is going to have to be done eventually. And later, to do the job right, your contractor is going to have to pull apart that quick fix."
So what is a realistic fix? Well, according to Mike, "Do it right the first time. Almost every time, that means gutting your bathroom. Take it down to the studs so you can do a visual inspection of the structure, plumbing, electrical, and insulation, then bring it up to the way it should be -- not just to the minimum code requirements, but better. Is it worth it? Absolutely. Be realistic and plan carefully. You'll be spending your money wisely, and you'll have a bathroom that works right, lasts for years, and maintains its value."
Of course, this process is expensive. However, a cheap renovation isn't good and a good renovation isn't cheap. If you need help with financing a big renovation project in your home, contact Franklin Loan Center and we can help you figure out how to finance your renovations with a cash out refi or a home equity line of credit (HELOC)
If you would like to read more of Mike Holmes Blog, you can find it HERE
If you would like to contact us about obtaining help financing your home reno, click HERE
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