Sources of Funds
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IV. Planning the Work Sources of Funds |
Depending on the scope of the upgrading project, different
types of financing strategies can be used.
In the simplest case, foundation bolting and cripple wall
strengthening can be paid for directly because the cost is not
typically prohibitive. If the project is more extensive, you may
consider doing the work in phases, as money becomes available.
Remember that the most critical work should be performed first.
It is often more cost-efficient to perform several tasks at once
because it reduces the contractor's overhead cost.
If the cost of the upgrading is substantial, several types of
loans are available---home improvement (equity) loans,
refinancing loans, life insurance loans, passbook loans, and
personal loans. You should consult with representatives of your
bank, savings and loan, or credit union.