Sound Advice 07-26-24
Recently, a Welcome Home reader asked if there are any tips to budgeting for both a mortgage and a home that requires renovations or repairs. William Pitt Sotheby’s Samantha Smith suggests:
“When determining your budget to include for repairs or renovations, it’s all about doing research, careful planning, and leveraging expert advice to make decisions that align with your budget and long-term goals. If you know a contractor who can accompany you on home tours or look through photos to give you a rough estimate, get them involved. If possible, get quotes in advance for projects, and before committing to any work, shop the quotes with additional licensed and insured professionals. Be sure to calculate a buffer of 10-20% for any unexpected costs that arise. Lastly, consider how you will be financing the repairs/renovations. There are great options for renovation loans out there, but make sure you consult with a knowledgeable expert and understand the terms, interest rates, and repayment schedules before locking in to avoid stretching yourself thin.”
Have a question for a local Realtor? Ask it here: welcomehome@theday.com
Samantha Smith
William Pitt Sotheby’s International Realty
Mystic brokerage
Mobile: (860) 908-5748
ssmith@wpsir.com
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