Many people today are watching home improvement shows and these shows seem to be pushing Canadians to renovate their home into a dream home instead of realizing the financial realities of renovation.
Surveys show that, although 60% of the people in the survey who had a home renovation worked up a budget for it, 27% spent more than they had originally budgeted.
It is not easy to stay within budget when you are doing a renovation. Add to that pressure all of the home improvement shows on T.V. or all of the decorating magazines that make the homeowner want the latest and fanciest in appliances and decoration. Most people who renovate their homes want to stay within budget, but all of these influences can frequently tempt them to extend themselves a bit to have the features they see on T.V.
Even without this, it is difficult to predict extra costs and make sure there is enough money to cover any project overruns. Financial experts suggest that you have the financing for the project lined up ahead of time in the form of a personal loan or a home equity loan. This will give the homeowner the necessary cushion for added costs. Even if you don’t use the line...
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