This is probably the most frequently asked question I get when I start talking about renovation financing. My questions to anyone thinking about a Do-It-Yourself (DIY) renovation:
- What is your hourly rate?
- How many hours will the renovation take?
Most projects end up taking longer than you originally estimated, cost more than you anticipated and require tools you don’t have!
|
|
Contractor |
DIY |
|
Purchase Price |
$200,000.00 |
$200,000.00 |
|
Renovation |
$50,000.00 |
$35,000.00 |
|
Loan Amount |
$248,250.00 |
$233,775.00 |
|
Rate |
5.500% |
5.500% |
|
Payment |
$1,409.54 |
$1,327.35 |
|
|
|
($82.19) |
In this example, a DIY renovation can cut the total cost by $15,000, with monthly savings of $82.
The question is: Do you want to do the work yourself?
Click Here to Get Great Rates And A Speedy Approval From Lending Tree Without Any Hassels.
Go to Source