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Looking To Pay For Those Costly Home Renovations? Here’s How To Do It The Right Way
Pennygem
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2/21/2024
Home renovations are booming. PennyGem’s Elizabeth Keatinge tells us some ways you can pay for them.
Category
📚
Learning
Transcript
Display full video transcript
00:00
(upbeat music)
00:02
So you've been home for the last year, right?
00:07
Perhaps you've noticed some things in your home
00:09
you'd like to improve,
00:10
or maybe your priorities have shifted
00:11
and now you are in need of a home office with a strong door.
00:15
You're not alone.
00:16
NerdWallet's 2020 Home Improvement Report
00:18
says that pandemic home renovations are booming
00:21
and people are using savings to pay for them.
00:23
CTV reports that throughout North America,
00:25
home gyms and theaters, office spaces,
00:28
and outdoor entertainment spaces are popular
00:30
on the list of home renovations.
00:32
According to Bloomberg,
00:33
strong demand has lumber prices increasing 40%.
00:38
So how to pay for that home gym?
00:39
MarketWatch suggests cash is best.
00:42
If your project is $50,000 or more,
00:44
certified financial planner, Sarah Ponder,
00:46
tells MarketWatch that a cash out refinance is an option.
00:49
This is where you replace your existing mortgage
00:52
with a larger one and use the extra money to renovate.
00:55
If the project is 20,000 or less,
00:57
certified financial planner, Tess Dowling,
00:59
tells the site that a personal loan could work.
01:01
There's also plenty of DIY options.
01:04
Changing light fixtures or paint
01:06
may bring your space the upgraded look you want.
01:09
(upbeat music)
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