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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:

  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

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?

 

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