Welcome to HomeRenoTips.com

Hello! I'm Miguel.

Hi! We'd like to introduce ourselves. We're the HomeRenoTips experts. We've been in the renovation business for more years than we care to remember! With this website we want to share some of our expertise with you, Mr or Ms Ordinary Working Stiff attacking those weekend reno projects. We may be able to save you some time and money. Heck! We may even save your marriage!

And I'm Sylvio.

Is there a birthday coming up? You might want to take a look at some gift sugestions we have for the renovation person on your list. Visit our HomeReno Shop

The front porch is making a comeback!
Finally! If your interest in renovations is more specialized, note that there's a great new site devoted just to porches. Take a look at Front Porch World.
front porch

Get going!

We're not asking you to build a skyscaper. But anybody should be able to replace a faucet or hang a door without having to call in a professional engineer.

Our tips & tutorials section will guide you through all the steps in a few projects. That should be enough to get you started on those small maintenance jobs that you may have been putting-off for too long. Remember what we said about saving your marriage ....

Then we've got articles on all other aspects of renovating including the planning, the financing and the management.

The newest addition to our website is the RenoShop where we'll evaluate some products and give you links to where you can purchase them online. That should simplify a lot of the shopping that you have to do to start your projects.

Feature article!

How To Pay For A Home Renovation

There are a lot of reasons to start a home renovation project. It may be a lifestyle change - children coming along or children moving out. Or maybe it's utilitarian - the roof is leaking and the back porch is falling down.

Whatever the reason, that reno is probably going to cost a lot of money.

Before we get to the cost of the project, let's look at the bright side.

Many renovations will eventually pay for themselves by increasing the value of the property. That's called payback. So, what you're doing is investing money into your home and when you sell you get that money back in the form of a higher selling price.

For example:

So, what's the best way of paying for all that?

Obviously, if you have the cash that would be the most efficient way. But not everybody has $30,000 just lying around.

As for using credit cards - don't even think about it! At 18% to 29% annual interest, you'd be crazy to borrow money that way.

A personal loan from the bank is better but it's also fairly expensive because it's usually based only on your credit history and your ability to repay.

The best way is to use the equity in your home to get the money. Your equity is the difference between the market value of the property and the amount still owed on it. So, if your home is worth $300,000 and your mortgage is $200,000, your equity would be $100,000.

With that in mind you go to the bank and get a home equity loan or home equity line of credit.

Both are pretty much the same except that with the loan you get all the money up-front in a lump sum and you pay interest on the whole amount as soon as you start to repay the monthly installments.

With a line of credit you get an approval to borrow the money but you only take it out as you need it. If the project is going to last for several months you will pay interest only on the money you spent as you went along.

Undertaking a major renovation is stressful enough as it is. Dealing with contractors, tradespeople, suppliers, governments will exact a toll on the most patient of homeowners.

Worrying about the financing on top of it all can be avoided by careful planning with your financial institution ahead of time.

Autres ressources

Le site des idées pour rénover, en français :
Trucs de rénovation
avec Miguel et Sylvio