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 Where Do You Get Finances for Renovation

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moiskyrie
post Jul 9 2020, 06:46 AM

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QUOTE(pharaoh5312 @ Jul 9 2020, 01:30 AM)
sorry to hear that bro.
First time i hear family actually encourage to renovate. Normally family (referring to parents, baby boomers) I know discourage reno because waste money blah blah.

"Got place sleep can liao lah, u too much money isit" is what my parents would say hahah
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It was new apartment,
When apply loan for mortgage (90% loan),
The bank also giv separate 10% renovation loan,
When developer giv OP,
The bank say that 10% approve, but I plan to decline as feel dont want get more loan as stress to serve mortgage and HP loan,...
trust4you
post Jul 9 2020, 08:01 AM

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QUOTE(moiskyrie @ Jul 9 2020, 06:46 AM)
It was new apartment,
When apply loan for mortgage (90% loan),
The bank also giv separate 10% renovation loan,
When developer giv OP,
The bank say that 10% approve, but I plan to decline as feel dont want get more loan as stress to serve mortgage and HP loan,...
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For 10% approve what is the rate for the rate? Is it the same as mortage 90% loan?
XeonZ
post Jul 9 2020, 08:57 AM

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renovation loan?
kochin
post Jul 9 2020, 09:03 AM

I just hope I do!
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QUOTE(cy91 @ Jul 8 2020, 10:59 PM)
EPF can used to rennovate. Not recommended for own stay though.
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if not recommended to take epf renovation for own stay, takkan nak take renovation for investment prop? hmm.gif

QUOTE(blanket84 @ Jul 8 2020, 11:00 PM)
Savings. I only travel overseas for holiday once for the past 10 years, hence I saved a lot by not wasting money on traveling.
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not wasting lah. just different priorities.
best is ability to do both. tongue.gif

QUOTE(pharaoh5312 @ Jul 9 2020, 01:21 AM)
living cost so high but wage stay stagnant, wonder how to save that much money.

Need to save money for kahwin next time la, rent house need money, buy own house next time need money, buy car need money, bisnes need money, everything need money bro. how to save for renovate?

Expecting answers like I'm wondering if many ppl take personal loan to reno, or some other loan. Personal loan expensive af. I wonder ppl would really willing to be in debt just to renovate their house to become dream home  confused.gif
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one can always do the slow and steady approach.
year 1 do kitchen
year 2 do wardrobe
year 3 do ceiling
year 4 do bathroom
at least it's not too big of a sum that seems impossible.
blanket84
post Jul 9 2020, 10:05 AM

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QUOTE(kochin @ Jul 9 2020, 09:03 AM)
not wasting lah. just different priorities.
best is ability to do both.  tongue.gif
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I am not saying I don't like to travel. I actually enjoy travelling. But to spend 25k for 10 days enjoyment vs spending 25k for part of your house that can last more than 10 years? I'd pick the later.

Yes. The best is if you can do both. If you can't, don't complain why can't I do the other biggrin.gif
TSpharaoh5312
post Jul 9 2020, 12:27 PM

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QUOTE(blanket84 @ Jul 9 2020, 10:05 AM)
I am not saying I don't like to travel. I actually enjoy travelling. But to spend 25k for 10 days enjoyment vs spending 25k for part of your house that can last more than 10 years? I'd pick the later.

Yes. The best is if you can do both. If you can't, don't complain why can't I do the other  biggrin.gif
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travel in neighbouring countries lahh then dont need 25k : biggrin.gif
blanket84
post Jul 9 2020, 01:13 PM

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QUOTE(pharaoh5312 @ Jul 9 2020, 12:27 PM)
travel in neighbouring countries lahh then dont need 25k  : biggrin.gif
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Still need 5-6k for the whole family. I see some people travel near, but 2-3 trips a year. Still spend close to 20k that year sweat.gif

then come to me tell story he still got no budget to built a proper built in cabinet for his kitchen in his 10 years old house doh.gif
Cheeky
post Jul 9 2020, 01:19 PM

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QUOTE(blanket84 @ Jul 9 2020, 01:13 PM)
Still need 5-6k for the whole family. I see some people travel near, but 2-3 trips a year. Still spend close to 20k that year sweat.gif

then come to me tell story he still got no budget to built a proper built in cabinet for his kitchen in his 10 years old house doh.gif
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]]

I fully understand. My neighbour drives nice luxury german cars but house looks terrible.
SUSceo684
post Jul 9 2020, 01:26 PM

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Yippee eff Account 2 devil.gif
blanket84
post Jul 9 2020, 01:27 PM

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QUOTE(Cheeky @ Jul 9 2020, 01:19 PM)
]]

I fully understand. My neighbour drives nice luxury german cars but house looks terrible.
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Well if he prefer that way then no problem for him or for us.

The thing is some people want both then come to us and tell story how come they have no money to built new KC. sweat.gif
kbandito
post Jul 9 2020, 02:34 PM

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QUOTE(Juan86 @ Jul 8 2020, 10:38 PM)
by earning? what answer are you expecting?
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credit card at 18% and pay only minimum indefinitely?
or there is this charitable contractor that charges only 10% of market rate?
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