Embarking on a home makeover? Understanding the Steps to Finance a Renovation is crucial.
Let’s dive into how you can effectively finance your renovation projects.
Not only is it possible to replace your current income with renovating…
But you can do it in two years without even picking up a paintbrush!
So, if you are…
- Not happy with your job
- Retired, or approaching retirement age
- Ready to stay home and raise your children
- Or just keen on exploring your passion and skills for creating beautiful homes…
Renovating can be the best next step for you.
Understanding what it takes to get from where you are to where you want to be…
It can be a bit challenging.
So, let me get you started on the right way.
The first thing you need to understand is this:
Renovation projects can become high-priced.
So you need to get finance.
Here are three crucial steps to finance a renovation:
Step 1 – Don’t quit your job right out of the gate
When you decide to leave your job to do home renovations…
You’d be giving up your income.
And that’s the income you may need to be able to help with renovation finance.
Step 2 – Begin working on one or two projects per year
Instead of quitting your job immediately…
Do some projects first.
Perhaps do one or two renovations a year for two years.
Build a history of being able to produce a reliable income from renovation projects.
Once you have the figures, bring it to your broker or funding institution to find out about getting financed without a j-o-b.
Step 3 – Don’t pick up the paintbrush
Since you’d be doing projects while still working your day job, I’d advise you against committing to any DIY in your first few projects.
Sure, you can DIY minor projects like ripping out old kitchens…
But nothing more complicated than that!
Remember…
You need to be free to manage the project both in terms of quality and time frame.
So, leave the majority of the work to tradespeople.
They’re the experts in construction and home renovation, anyway.
Now, if you follow these three steps to finance a renovation…
You’ll be able to complete projects on time and within budget…
And it will allow you to sell the renovated properties at your desired prices! Or keep one or more for long-term appreciation.
That would make for a great renovation portfolio…
Making you much more qualified to get financing for your future projects!
Understanding the steps to finance a renovation is not just about securing funds; it’s about ensuring the smooth execution and completion of your dream project.
To your success,
Bernadette
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