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home renovation

7 Ways to Finance a Home Renovation

August 16, 2021

Investing in renovating a home is a decision worth its weight in gold. Home renovation can boost your home’s value, increase space and add comfort. A renovated home feels new, refreshing and cozy.

You want might be looking to make your current home into your ideal living space. Yet home improvement projects can be expensive. Here are seven ways to finance a home renovation.

1. Pay Using Cash or Liquid Assets

Most people want the cheapest option when they’re looking to finance a home renovation. Renovation loans can come with charges, fees and interest rates. But cash payment is a free option and it prevents accumulating debt.

You may have considered savings, bonds, CDs and checking to fund your project. As long as you have enough to spare, they’re the best way to improve your home. The only money or account you should not touch is your emergency fund.

If you opt for cash payments, make sure you have enough for the entire project. That way, you engage your contractor to ask for some discounts. Partial home renovation or pausing midway can cost you your bargaining power or inflate remodeling costs.

2. Dip Into Your Home Repairs Account

As a rule, you should create a replacement reserves account when buying a new home. This is because your home wears out with time and you’ll need to do some repairs. Having reserves can ensure you have a financing option when any element breaks down.

Create a separate account and label it home repairs and replacement account. Make sure you save some money every month for emergency repairs and renovations. Experts recommend saving 1-3% of the total home value every year for maintenance and repairs.

If you have this account, you can avoid dipping into your savings or emergency account. Home renovation is sometimes an emergency. But it can leave you in financial limbo if you touch your savings.

3. Home Renovation Loans

Home renovation loans can be a great source of finance for your home improvement project. You can apply it for a simple home remodel and for larger renovation projects.

A home renovation loan is usually a far much better option than a home equity loan. It has a lower interest rate. And if you’re securing it with Plenti, you can enjoy a personalized rate based on your credit history.

Borrowing amounts are also flexible to your needs. With options like Plenti, you can borrow up to $50,000 and you’re allowed a repayment period of up to 7 years. Imagine finding the money you needed for all your remodeling ideas and repaying at your pace.

A home renovation loan is a great option when you can’t refinance your home loan or want a flexible repayment period. The amount you’re eligible to borrow can go high as the post-renovation value of your old home.

4. Cash-Out Refinancing

Cash-out refinancing is another good option to fund your remodeling ideas. It means acquiring a new larger mortgage to replace the existing one. You end up getting some cash out of the difference between the two mortgages.

Cash-out refinancing is best if you’ve stayed in the home for several years. Repaying allows you to build some equity that you can turn into cash and use for your projects.

A cash-out refinance does come with costs that can add up to a few thousand dollars. You have to pay closing costs, appraisal costs and application fees. The option also comes with interests on cash received plus interest on the mortgage.

The amount received is likely to be much less than from home renovation loans. This is because the lender might limit the amount to around 80% of your home’s value.

You have to take into account prevailing mortgage interest rates when taking cash-out. Higher interest rates can make your loan expensive. Lower rates can allow you to enjoy a cheaper mortgage and smaller monthly installments.

5. Home Equity Line of Credit

A home equity line of credit or HELOC is a second mortgage like a credit card. It allows you to borrow against your home’s equity. You can borrow small amounts until you exhaust your equity or use it for a large sum of credit.

If you’re doing your renovations in phases, a HELOC may be the best option to finance your home renovation. You can borrow an amount you need to complete a phase then wait until the next stage is due.

HELOCs are less expensive compared to traditional credit cards. But the lender can adjust interests which means you need to track your loan. Your home is the security for the loan so the lender can take your property if you don’t pay as agreed.

6. Apply for Home Equity Loan

If you want a large sum of money against your home’s equity, apply for a home equity loan. The lenders give you all the requested amounts at once. You repay on a fixed interest rate and fixed period.

This loan, like HELOC, uses your property as security. Meaning, the lender can foreclose on you if you default on the loan.

If you want to finance a large home remodeling project, this is one of the best options. You can enjoy efficient cash flow to maintain renovations.

7. Home Renovation Construction Loans

You may want to take a construction loan if you’re doing major renovations or building a new home. The loan is a great backup when you’re using savings or lack equity to access other credit options.

A construction loan boosts your borrowing potential. The bank can finance you based on the future remodeled home. This allows you to borrow an amount adequate to complete your project.

Some loan requirements can vary depending on the lender. For example, some lenders can give out the loan in the form of installments. The lender releases installments at various stages of construction.

Looking for Money to Finance a Home Renovation Project?

Trying to finance a home renovation can be a challenge even when you have savings. Using cash drains your savings and leaves you vulnerable to financial risks.

One of the best methods to finance a home remodeling project is to take an affordable loan. A good loan allows you to plan for payments due to its low interest rates and longer repayment periods. For more advice on home loans and renovation, check out the rest of our blog.

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8 Simple Home Renovations To Boost Your Property Value

December 6, 2020

Are you looking to boost your property value or just have the coolest house on the block?

There are plenty of ways to renovate your home that can really amp up your interior style and design whether you’re looking to sell your home or stay in it forever.

Home renovations don’t have to be difficult and overwhelming. There are great small-scale tweaks that you can make to take your home to the next level. What are you going to choose?

Keep reading to learn about a few simple home upgrades and design changes that you can make to boost the value of your home.

1. Replace Kitchen Appliances

Is your kitchen outdated? How new are your appliances?

Fresh and new appliances can do wonders for a home’s value. After all, when you’re getting ready to move into a new house, wouldn’t you rather have appliances that you know you won’t have to replace in a few years?

This is a simple task that you can do at home, at least for the stove and refrigerator. If you’re installing or upgrading a dishwasher it’s best to enlist the help of a professional.

If you choose not to sell, you still have a shiny new set of kitchen appliances that you can cook with!

2. Fix Your Tiling

We don’t pay enough attention to our floors. We grow blind to the things that might be “not quite right” and ignore how dingy tile floors can get over time.

There are several ways to re-tile a floor and some are easier than others. Tearing up tile is going to be the hardest part.

If you’re going about this the hard way (yet also the best long-term way), remove the tiles that you already have. Then, you’re going to replace them with your new tiles and grout, being careful to cover all blank space. Everything has to be sealed to protect from moisture.

For a simpler route, there are plenty of options for stick-on tiles. They’re beginner-friendly and they aren’t permanent, but they hold up well and they look great.

They’re also a great choice for a fancy kitchen backsplash! Fresh and clean tiling makes such a huge difference to the aesthetic appeal of your home.

3. Consider Replacing Carpets

Carpets aren’t as popular as they used to be. They get dirty, they’re hard to clean, they don’t stay fluffy, and they can trap mold.

More and more people are opting for hardwood all over. That means that if you want more potential buyers, you might want to do the same.

Replacing the carpet isn’t easy. If you’re lucky, you’ll discover beautiful hardwood underneath your carpet, but don’t count on it. If you haven’t done this before, hire a professional.

It’s a quick fix that makes a big difference.

4. Add Some Fans

Have you ever moved into a new home and been disappointed that there are no fans in the rooms? We’ve been there. There’s something calming about the slow rotation of a nice fan.

You can install fans if you don’t already have them. You do need a bit of know-how but it’s still considered a DIY project for anyone who’s handy.

Whether you want the smooth look of a classic fan or the beachy look of Gulf Coast fans, there’s something for you. Find something that matches the overall “vibe” of your home so your potential buyers get a cohesive and trendy space!

5. Basic Hardware Upgrades

Have you ever sat down and really looked at your handles and doorknobs?

Probably not, right? You’re used to them. They’re utilitarian in nature and they aren’t meant to be aesthetic. But should they be?

Having a cohesive style of cabinet handles, door locks, doorknobs, and all of the other metal bits and bobs around your home can make a big difference. They’re also fun to shop for as a bonus.

This is a time-consuming but easy process once you have your new hardware pieces picked out. Why not give it a try?

6. Paint Your Cabinets

What good is the new hardware if your cabinets are ugly or scuffed?

Painting the cabinets is a great way to make your kitchen (with its new appliances) pop. Cabinets often get overlooked, but pay attention! Painting them is way easier than getting new ones installed and you can customize them.

We love the look of clean white cabinets with shiny gold handles, but the coloring is up to you. What do you love?

7. Re-Color Those Walls!

If your walls are looking scuffed and dingy it’s time for a new paint job or wallpaper. You can do this in a few ways.

First, basic painting. This is a DIY project that anyone can do, but it can be time-consuming. It’s best to go for somewhat neutral and agreeable colors to make sure you appeal to the widest audience, but we love a good statement wall in an otherwise neutral room.

You can also try wallpaper. This is extra good on a statement wall. Removable wallpaper allows you to make the statement that you want while also allowing your buyers the ability to remove it if they choose.

8. Energy-Efficient Upgrades

Going green is in style right now. How green is your home?

There are eco-friendly options for all over your home and some are easier to install than others. You can opt for a few green electrical items like a greener dishwasher or a green garage door opener. There are solar hot water heaters and large, energy-efficient windows that can keep the house’s carbon footprint low!

You don’t need to install full solar panels (though you can) to have a greener home.

Which Home Renovations Are You Going to Do?

There are so many fun and easy home renovations that can take your home from drab to fab. Which ones are your favorites?

Whether you’re new to renovation or you’ve done this all before, there’s something for every homeowner.

For more posts on renovations, real estate, and more, check out the rest of our site!

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home renovation

Continuing Home Renovations During the COVID-19

July 14, 2020

Most home renovations have been halted due to the global crisis, even the the most organized and best-laid plans are on hold – and this might include your home renovation projects. Perhaps, your home was in mid-renovation when COVID-19 hit and stay-at-home measures were declared by the government.

Now that the government is enabling a few projects to re-start again, it pays to still be safe. If you are planning to resume renovations, real estate development professionals and home renovators recommend keeping the following in mind:

Proper Hygiene and Sanitation

All workers on the site should wash their hands for at least 20 seconds. Install handwashing stations at each corner of the renovation site so that running water is available for all the workers. Also, provide them with hand sanitizer and/or alcohol.

Personal Protective Equipment (PPE)

Masks, in accordance with the Department of Health’s guidelines, must be work at all times by all workers. Workers can use cloth coverings depending on their job. They must also use eye protection and gloves. The type of gloves used depends on the task being completed. If the task to be finished doesn’t need gloves, workers can use latex or nitrile gloves.

Build a Temporary Plastic Wall

Restricting airflow is one of the best ways to keep dust (aka the real enemy) away from your home. Don’t settle for loose plastic curtains; create airtight barriers made from plastic and seal them with tape. You can also use a heavy plastic with an adhesive-backed zipper for easy exit and entry when the project resumes.

Social Distancing

Workers on the site must maintain at least six feet of distance at all times. If they can’t perform social distancing, they increase the risk of transmission. You might have to reduce the number of workers reporting to the site if this is the case.

Also, a COVID-19 safety supervisor should be present to ensure everyone is practicing social distancing and proper safety precautions.

Close Air Vents and Replace the Filters

Maintain air quality by getting a handle on the workings of your cooling and heating system. If your renovation area has return vents, shut down the system in favor of portable air-conditioning units and heaters to prevent transferring dust and debris in the area. Otherwise, keep your area’s air vents closed and replace your filters regularly to keep the clean air flowing.

Other Things to Consider during Home renovations at this time…

See your contractor’s COVID-19 plan. Make sure that the workers follow the plan and are aware of the protocols. Most professional contractors already have safety protocols even before the pandemic.

If you are planning a new project, clear it with the local government first to ensure that you have the permit to start a new renovation.

Continuing your home renovations during COVID-19 is possible – as long as you maintain and practice safety protocols. Work closely with your contractor to ensure all workers follow safety measures and still keep your project deadlines on time. Maintain regular communication too so that you are always in the know on your project’s development.

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DIY, home renovation

4 Ways to Save Money on a Home Renovation

June 24, 2020

Your home needs to be a space in which you’re comfortable and happy. Sometimes, however, we get tired of seeing the same things every day. The same dull color on the wall, or sitting at the same dinner table on the same chairs. Using the same outdated fridge that your parents gave you as a wedding gift ten years ago.

Whether it’s for aesthetic reasons or to replace outdated or damaged furniture, we all need an occasional renovation. Maybe you need to add space to your house, or just remove a few items.

Big or small, a home renovation can get costly very quickly. Here are four ways you can save a little the next time you renovate.

1. Patience, Budgets, and Savings

Admittedly, that might be three things, but they all go hand in hand. A lot of folks make a big mistake by trying to rush their home renovation. Instead of taking the project step by step, they want everything done as quickly as possible.

This might mean higher contractor fees, costly mistakes, and a lot of loans and emptied credit cards. With a little patience, that doesn’t have to be the case.

First, set a budget. Make sure it’s realistic, as well as one you can meet by saving up. The goal is to avoid using loans or credit cards. Next, talk to any contractors you want to use. Mention that you’ll be paying with cash and ask for possible discounts.

Remember to approach several contractors and compare quotes. You’re not necessarily looking for the cheapest contractor, though. You want a reasonable price that includes everything you need

Pro tip: don’t pay for everything as you go. It’s a mistake that a lot of people make when they do renovations, but it’s a risky gamble, too. There are better ways to create a work schedule with your contractor.

With a little patience, planning, and smart deals, you can save money on your renovation.

2. Don’t Shy Away from Discounts

People can be extremely picky. Some will return a perfectly good piece of furniture because of a small nick, dent, or scratch. Many stores will have a discount section that contains high quality – and fully functional – just slightly damaged furniture.

It’s a bit of a gamble sometimes, but you can mitigate the risk by doing a little research. In the end, you could get expensive big-ticket furniture and appliances for a fraction of their retail price. In fact, you could get as much as 60 percent off.

If that’s not a reason to do a little discount shopping, we don’t know what is.

3. Do It Yourself

While there are a few things that you probably need a specialist for, there’s a lot you can do yourself like a plumbing renovation. For example, repainting a room is simple enough, and it can be a lot of fun as well.

Some suppliers also sell furniture that’s ready to assemble, and we’re not just talking about a few chairs or tables. You also get DIY beds, displays, and great kitchen cabinets, as shown on the Best Online Cabinet website.

All you need is a little effort, an instruction manual, and a healthy dose of motivation. That said, don’t be afraid to get the experts in when you need to. Trying to update old wiring yourself if you’re not an electrician, for example, is a recipe for disaster.

4. Declutter for Profit

When you renovate your home, the chances are that you’ll be left with several items that you don’t need anymore. But your trash might just be someone else’s treasure. Your old sofa might not work for your family anymore, but a recent college graduate might love to have that comfy second-hand couch at an affordable price.

There’s always someone who might be willing to buy your second-hand goodies, and you can comfortably sell them online.

Take Away…

When you renovate your home, you don’t need to spend a small fortune or flounder in credit card debt. Just remember patience and planning, discounts, DIY, and decluttering for a profit. If you remember these tips, you can save money on your next home renovation.

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home renovation

Renovating your townhouse

May 6, 2020

Have you been considering renovating your townhouse? Maybe you’ve already started but want to know what to do next? In this article, we are going to talk about everything you need to know about starting your home renovations.

Form a budget:

One of the very first things you’ll need to consider before beginning your renovations is the budget. Renovation costs can be expensive, and you’ll want to set yourself a guideline for each area and how much you can spend. For example, set aside a budget number for décor, painting, expansions, labor costs etc. Starting a project with a budget will ensure that you don’t overspend.

Consider hiring an architect:

If you’re looking at expanding or changing the layout of your home, you might want to consider hiring an architect. There are many different types of architect services, all of which can help with your plans. Some of these include drafting, knockdown projects, restorations and additions. They can also provide you with renovation ideas to get your house looking its best.

Find out if you need approval:

In most countries, permission and approval are required for particular renovations. If you are extending or making significant layout changes to your home, chances are you will need permission from a council. An architect can help ensure that everything is in place before you ask permission; however, if you feel confident, you can do this on your own.

Determine what you can do yourself:

If you’re quite handy yourself, you might be able to DIY some of the renovations yourself. This is a great way to save money on your improvements and can include smaller tasks such as painting or patching walls. If you think you can confidently complete some of the jobs, make a list of these things. DIY can help save you money, and you won’t need to hire someone to do it for you.

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REAL ESTATE

Things to consider when adding an extension to your property

November 19, 2019

Sometimes we outgrow our homes. A great way to get the home you need without moving is to add an extension. If you are considering this, there are a few things you need to give thought to before going ahead.

How much extra space do you need?

There is no point in building an extension then finding out you miscalculated and could have benefited from even more space. That’s why it is so important that you carefully consider how much space you need before you start. It is also important to give thought as to how the space will be used and by whom. Make sure your proposals tick every feasible box.

Who will carry out the work?

Whether it’s a loft conversion, a kitchen extension or a garden room, you need to get the right people for the job. Hiring trade specialists will ensure things go to plan. Many companies can coordinate more than one trade making the process even smoother. Captain Electric, for example, can not only carry out your electrical needs but can undertake all your plumbing needs too. The fewer trades you have to deal with, the easier it will be in the long run.

How much can you spend?

Budget is one of the main factors when considering the size and specification of your proposed extension. Whilst you may want a huge double storey addition, your budget may only allow for a small single storey. You need to be realistic. Get some draft plans drawn up together with some rough quotes. This will allow you to focus on what is feasible rather than what you are dreaming of. They may not be the same!

Be prepared

Whether it’s a percentage of your proposed costs or a set figure, having a contingency is always recommended. Timescales can extend, materials can change and labor costs can increase. A contingency ensures that if anything doesn’t go to plan, you have the financial means to deal with it. You don’t want a scenario where you have an unfinished build because you have run out of money.

Getting approval

Once your draft plans are drawn up, you will need to contact the relevant authorities for permission to proceed. They will look over plans and details and ensure that these conform with current building regulations. Don’t allow any works to be started without these. The last thing you want is to have to pay your builder to remove what they have already done.

The finishing touches

Once your extension is complete, you will want to add some color and finishing touches to your project. Consider in advance the color schemes which would go well in your newly created space. Flooring, wallpaper, window coverings and paint all need to be chosen so make sure you allocate a good amount of time to make these decisions. Once it’s complete and your final items added, all you have to do is sit back, relax and enjoy your extra space.

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BATHROOMS, INTERIOR DECORATING TIPS, KITCHENS

Countertops can make a huge difference!

October 28, 2009

Today our granite counter tops arrived!

As I mentioned in my previous blog posting, I am living in a renovation zone but things have picked up and starting to really come together.

This afternoon our granite counter tops (kitchen and bathroom) were installed and I cannot get over the difference! We had laminate counter tops in both rooms, the kitchen counter top was a solid grey which was probably not the best choice as it does not hide stains very well and every scratch is seen from a mile away; the bathroom counter top was a laminate but in aqua, white and peach speckled design. My husband and I were looking for a more modern look but we also love the natural look of granite and stone.

Looking for granite Counter tops….

We went to a few granite showrooms but everything we saw was quite typical, since our cabinetry was so plain we really wanted something special! We actually went to a granite supplier and had the opportunity to peruse their slabs and select ours directly from their supply. We found the perfect counter tops for our home and now that they are in the transformation is truly incredible.

Granite Counter tops made a huge difference….

What difference can a counter top really make? In our case we selected a slab of granite that was lighter in colour from the original laminate and now our open concept kitchen look enormous. Our stone back splash really stands out and the stainless steel accents add some sparkle. The whole kitchen comes together and is a true show stopper! The bathroom renovation was a complete overhaul (bye bye Barbie bathroom) but my husband was really worried about how the white wall tiles, grey floor tiles and blue glass accent tile would all come together – the ‘biano antico’ granite counter top was the key element for bringing all the pieces together.

When it comes to selecting your kitchen counter tops there are no right or wrong

choice but here are some tips:

1 – Colour –

Typically you want to choose a counter top that on the opposite side of the colour wheel from your cabinets, for example a dark espresso stain looks best with a lighter counter top but if you are selecting from granite you have some flexibility because granite has some many colours and fishers that you can choose from a variety of cabinet colours. But light can absolutely work with light but I always like something to ground the room so it could be the floors, paint or backsplash.

2 – Stay away from a single colour laminate.

A solid coloured laminate counter top does not stand the test of time very well, stains and scratches are nearly impossible to hide with this type of counter top. If granite is too pricey, keep in mind that there are many laminate options that look (and can feel) like a granite counter top.

3 – Looking for something different?

Try exotic granite or other natural stone such as marble or soapstone or even more cutting edge – concrete. With the increased popularity of granite certain colours are seen more frequently but there is a lot to choose from, so look around at other options.

Here are the after photos of my bathroom and kitchen :-

I can’t get over how different the house looks with these new counter tops!

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