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This should be addressed earlier on as you first come up with a rough cost estimate. Most contractors will want to discuss payment before you continue examining design ideas. Other financial obligations – such as insurance – should also be discussed. It goes without saying, but as a homeowner, you do not need to take out a large loan for the project unless it comes with a particular financial gain, like if you plan to sell the house later on.
A home equity loan, line of credit or second mortgage may be used as financing options for home remodeling. Cash too may be used. Whatever method you use to cover the cost, be sure to read and understand all stipulations in the contract and do not take any unnecessary risks.