My neighbour recently started his house renovation. I was chatting away with him the other day and found out that the renovation was going to cost him $60,000. Wow! I was quite taken aback by the amount. However, he laughed off my surprise and shared with me that he had actually searched for many secured loans to finance this home improvement project. He had finally signed up with one that offered him the lowest interest rate and even recommended me the bank.
Well, I am not someone who like to be tied to such a commitment since we already have housing loan and car loan to repay. To get another loan would put a big dent in our budget. Hence, even if I wanted to renovate my home, I will most likely consider taking up the loan after the other loans have been fully settled.
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