Renovation Financing, can I do the work myself?
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 Renovation:
1. What is your hourly rate?
2. 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 |
Self Help |
|
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) |
By cutting the cost of the renovation by $15,000 you end up saving $82 per month.
The question is why would you do the work yourself?
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