With interest rates at the highest they have been in years, NOW is the time to renovate your home! According to Realtor.com with inflation at historically high levels, renovating your home is a great way to retain the value of your money. If you have been planning to renovate for awhile and accrued a nest egg to complete the renovations, you are definitely ahead of the game. However, if something in your life has changed, new child, children getting older and need more space, a parent moving in with you, there are plenty of other ways to finance your renovation. Some of these options include a home equity line of credit, a second mortgage, or even a credit card. Do not let the high interest rates scare you for two reasons. First, you are investing this money into an appreciating asset, your home. The value you are adding to your home will typically outweigh the higher interest rates we are currently seeing. Second, once rates go back down, it will be easier to refinance to a lower rate as your home now has more value due to the renovations. Check out this link from Realtor.com to read more about renovating when inflation is high. Renovating During Inflation (realtor.com)
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