Mary Talks Money Episodes
Room Redo on a Budget
Find out how to transform a room on any budget! Some high-end designers are sharing their money-saving secrets.
Thinking of redoing a room? Before starting any renovations, create a spending plan:
- Don't use credit cards or borrow from your retirement fund to pay for a renovation -- unless the repairs are for safety reasons.
- Don't use your home's equity to do a renovation -- unless you've done a real business plan to see if the investment makes long-term financial sense.
- Do check to see if your state offers low interest loans or grants or rebates for upgrades that make your home more energy efficient. These are upgrades that pay you back each month by way of cheaper utility bills.
- Look into other types of loans. 203ks are FHA Home Loans for rehabbing fixer-uppers. Another government backed loan, called a Title 1 Loan, may be used for alterations, repair and site improvements.
