Home Renovation Quiz

Renovations can improve your living space and help you build equity in your home.

1

Depending on your goals, a home renovation can help you _________.

Answer text: Depending on your goals, a home renovation can help you improve the functionality of your space, upgrade the home’s aesthetics or improve your home’s energy and water efficiency.

question 1/5

2

True or false: You cannot use the current equity in your home to finance a home renovation.

If you have built equity in your home and are looking to finance a home renovation, a refinance may be a good fit for your needs. You can use a cash-out refinance or a mortgage program designed for renovations to pay for your home renovation.

question 2/5

3

When developing your renovation budget, you should include _________ to cover any unexpected costs along the way.

When developing your budget, including a contingency reserve is a great way to pay for any unexpected costs that emerge along the way.

question 3/5

4

When should you consider paying a contractor in cash?

Never. When you pay in cash, there is no record of your transaction. If there is a dispute about the quality of the contractor’s work, or if the contractor suddenly quits, you have no way to prove what you’ve already paid and no way to get the money back.

question 4/5

5

Projects such as siding replacement, window replacement and minor kitchen remodels can return more than ________ of their value.

Projects such as siding replacement, window replacement and minor kitchen remodels can return more than 60% of their value.

question 5/5

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Great job! It looks like you have a solid understanding of home renovations.

You’re on the right track, but consider learning more about planning, financing and managing a renovation project.

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