Getting through the list of jobs is one thing, the long haul comes with paying for them
Every homeowner considers renovating at some point, from a major extension to a coat of paint. But it costs to do a makeover.
To DIY you need tools and equipment and to call in a professional means paying an invoice.
Like all financial questions, how much is too much comes down to the benefit you get in lifestyle or potential resale value compared to the outlay, and the hardest part is paying the bills.
Most people spend everything they earn on a monthly basis.
So it appears the only way to pay for anything is by accruing debt.
Assuming you have enough equity in your property and a reasonable capacity to repay, banks are more than happy to sign you up, even in this supposed climate of restraint.
Depending on the scale of the reno you might be forced into a construction loan at a higher interest rate with the option of rolling it into your mortgage when the bank is convinced you’ve added enough value to their security.
Some seeking a loan think that paying a mortgage broker will get them the cheapest interest rate, because that’s how mortgage brokers convince you to sign with them rather than the banks.