Every now and then, a big home renovation project is a great way to shake up the appearance of your home and add new features. Whether you’re looking to add a loft bedroom or need more storage space, a home renovation can be a fantastic way to upgrade your home. However, they’re also fairly expensive depending on the type of renovation you’re looking for and how much time it’ll take.
Regardless if you’re looking to hire a specialist or do it yourself, we’re going to offer some advice on how you should approach financing your home renovation project. This should give your project a much higher chance of success and will make things much easier in the long run.
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Make a budget and estimate the costs of your renovation
First, start with a rough estimation of how much your renovation will cost. This will help you understand how much you should expect to pay for your renovation. You’ll want to get a few quotes from local contractors and specialists to figure out just how much you should be paying for someone to do it for you. Then you should consider looking at the material costs and how much time you’ll need to take off work. It’s also a good idea to add on an extra 20% to your budget in the event there’s an error or if you make a mistake and need to purchase more materials.
Certain types of renovations can be more expensive than others, hence why it’s a good idea to see roughly how much a renovation would cost before you consider funding it. For instance, if you’re looking to upgrade your kitchen, you might find that certain appliances are extremely expensive and need to be installed by a professional, resulting in much higher costs compared to adding some storage space to your loft.
Dig into your savings or look for other sources of funding?
Savings are usually the main source of money for a renovation. However, you might find that it’s beneficial to look at alternate sources of funding.
For instance, you may find that there are government incentives or plans to help you renovate a part of your home. You might be awarded some kind of help if you renovate your front yard or if you change something in your home for the sake of making it easier to live in for an elderly family member.
Alternatively, you could also consider funding a renovation with a specialised home improvement loan from services like Evolution Money. It’s a simple application process and can be a great way to secure funding for an expensive renovation if you deem it necessary to improve your wellbeing.
There’s also the option of a renovation mortgage. You may be able to borrow up to 95% of your home’s value and this will be added to your mortgage. You’ll typically have your property inspected before you can borrow any money, but it’s great for expensive and large projects such as roof repair and rewiring.