All sifu,

Do you have any good contractor who has Interior design knowledge, realiable and willing to give monthly installment for up to 10 years for renovation cost not more than RM100k?

Thanks.

err.... i dont think there will be.... unless if the contractor is a loan shark as well.... but i might be wrong... let me know if you can find one...

instalment up to 10 years? what the contractor should eat?

by the way, there is still possible. Loan from bank, and ask for repayment period for 10 years. then will be possible.

10 years @_@

TS really gave us the insight of the majority of young house buyers.... there is so few new projects at a low price..... so gotta find second hand house.... but then need to reno so many things.... and will cost so much....

Buy new house is sure batter, specially those uncomplete project. save a lot in renovation, and house cost can be repay to bank in 30 years, much nicer compare to buy 2nd hand house, but need reno a lot, and reno cost cant cover in bank loan.

And, usually new house price increase are much faster compare to 2nd hand house.

there certain company that gives loan for renovations..
i see a lot at seremban area..but the one who take loans are normally for governments servants

You can take personal loan @ 3.25%pa over 10 year.

EPF also can pay more than 4%...so save the money on EPF since you afford to pay monthly.

If you don't pay how? How bout interest rate ? You're not expecting contractors to get paid in installment without interest rate do you?

Ooops. monthly installment for 10 years...??
i think it's very difficult for a contractor offer installment for 10 yrs.
mayb u can ask loan from bank. nowadays some bank is offer renovation loan also .

i heard from my uncle that his neighbour borrow/refinance his house for sake of renovation.. they spend $200k for renovation...

maybe u can go this option..not only 10 years installament..20 years installament u also can get..haha..as ur refinance your house... but think of it..not worth it lor...

This is crazy ... I would refinance my house to get another house - may be but not for renovation.

not crazy if u stay at PJ area
as buy another house cost half million above. (refer landed house)....
so his neighbour choose renovate which is much more cheaper ...

One thing I learnt many years back is that you try not to borrow money to fund depreciating assets. For examples, you dont keep credit card balance just to buy an expensive watch or computer. For house, you still have good business case because it is appreciating. You cant recover the money put into renovation when you sell the house later.

i totally agree but u can spend $ on renovation if u don plan to move / sell...

anyway is your $..nobody can control....

maybe refinance can get a little money