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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

Top 4 Tips for Property Renovation

December 4, 2020

Whether you’re renovating a rundown property for yourself to live, or to sell on once your project is complete, it’s essential that you do it right. If you cut corners and don’t make the home a decent place to live, you will not make as much money as you like or live comfortably if you do move into it. A renovation project of this size is a lot to take on, so you must be willing to see it through to the end and be able to afford to make the necessary changes. Here are a few tips to help you plan for this kind of project if this is something you have been considering.

Renovation Budget

You might not have spent a lot of your budget on the property itself when you purchased it, but the surveyor should have been able to give you a good estimate of what all of the work will cost before you finalised a sale. You should also prepare for hidden costs, as often these kinds of projects have unforeseen circumstances that add more to the final bill. Once you know how much you can realistically afford to spend, you can start to think about the most cost-effective materials to use that will still be good quality for the build.

Structural Work

The most important thing to get right when you’re renovating a property is the structural work. If a house has been left empty for an extended period, there is a good chance that it has sustained damage to the roof, windows, brickwork, and possibly the foundations. Again, your surveyor should have included all of this in their report, and you can use that as a reference to what needs to be done to make the property safe to live in. Make sure you’re investing in these areas, as quality structural work is vital.

Interior

Once you know the property is structurally sound, has new windows fitted, etc., you can begin to look at the interior. For things like your bathroom or kitchen, you will need to find a company that specialises in these designs and installation, like granitetransformations.co.uk. You might also want to think about hiring an interior designer if you can, as they will be able to bring your vision for the property to life.

Reliable Team

Even if you’re a builder or a DIY enthusiast, there is no way you can renovate an entire house by yourself! You will need to find a reliable team of contractors, plumbers, electricians, and so on to help you piece together your dream home. If you are planning to make some structural changes to the property, you might need the help of an architect to draw up these plans for you. Take your time to find the right people for the job, get a variety of quotes to compare, and use reviews and recommendations to help you make your decision.

Renovating a property is a big undertaking, but taking the time to plan it properly and with a strong team to work on it, all of the effort will pay off.

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home renovation, HOME REPAIRS + MAINTENANCE

Hassle-free and durable building materials for your home

October 22, 2020

A home is a place where a family gathers to enjoy the warmth and make memories. With the harsh and unpredictable climate that most states experience, owners need a strong structure. When building a house, it is advisable to consider high-quality and resilient materials to enhance durability. It is possible to live in a residence where you rarely have to repaint the walls, replace the roof, or rebuild the deck.

Most durable building components need minimal maintenance. For example, you can opt for cedar, copper, slate, aluminum, and galvanized steel for the roof. Property owners always have a choice to go for relatively cheap materials that they will replace in a decade or two or pay more for a sturdy structure that will outlive them. They may also consider granite fabrication to make the home’s countertops durable and stylish.

What’s in a Roof?

Roofs are crucial because they shield the occupants of a home from the weather. The direct effects of freezing and thawing are felt most by the roof. When building a house, a low-maintenance roof is not one that lasts 20 years—it’s one that lasts for several decades or a lifetime. The cost of the materials and installation will determine how long the roof lasts. Some of the materials include:

· Clay tiles. Just like concrete, clay tiles can last up to 100 years.

· Slate. Although it may be challenging to source slate, this material may last for a century and beyond.

· Copper. Copper lasts for 70 years or more, but finding reliable installers may be a problem.

· Galvanized steel. Metal is ideal for snowy areas and can last for decades. However, high-quality metal roofs can be costly.

Why Invest in Indestructible Exteriors?

While appearances are always important, the exterior must withstand harsh weather conditions. Remember, the surfaces suffer the wrath of extreme weather conditions. Choosing the best materials is not enough because some builders may not know how to install them correctly.

Insist on sturdy materials that can withstand the repeated effects of freezing and thawing, and get them installed properly by a professional builder. The exterior trim may necessitate maintenance more than any other section. With your builder’s help, you could use the following:

· Fiber cement

· PVC· Aluminum

· Wood

Ensure Your Wood Siding is Low-Maintenance

Natural materials like cedar and redwood require minimal maintenance. For instance, materials like Western Red Cedar will be appealing even without applying any coating. In addition, cedar could last up to 60 years without the need for repairs or replacement.

However, after painting any wood, you may have to recoat it periodically. Although such maintenance costs were minimal in the past, things are different these days. Labor is relatively expensive, and so is the paint. Uncoated wood is ideal for any property, but it may attain a grey color as it ages.

Budget Materials Appropriately

Some products, like uPVC windows and doors, are meant to be low-maintenance. However, employing the principle of proper installation applies. When installing the windows, it is imperative to hire experienced contractors to achieve the best results. Budget appropriately to ensure you get the best low-maintenance materials for the home.Scheduling maintenance and repairs is vital. All the low-maintenance materials, however good, require some care. Ensuring that preventive maintenance is done on time might guarantee low upkeep. It is important to work with a reputable professional that will work with your schedule.

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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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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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HOME STAGING, INTERIOR DECORATING TIPS

5 Things that instantly date your home

September 17, 2018

No one wants a dated home, but unfortunately, we sometimes get so stuck on the same décor that we don’t even realize what other people might perceive when they take a look around. Luckily, some of the things that most obviously and instantly date a home are also in many cases easy to remedy.

The following are some of those elements that can make people feel that your home is outdated at first glance and a few things you can do to alleviate the problem.

1. Window Coverings

Window coverings are one of the most obvious factors that date a room or an entire home. If you have very heavy, ornate panels or valances, or old miniblinds, it can ruin the look of the rest of the room.

If you want to focus on updating one area of your home, start with those window coverings. Choose modern window coverings that are streamlined and chic, and if possible opt for custom blinds because they create a very high-end look.

Choosing the right custom window coverings can even improve the resale value of your home.

2. Overwhelming Prints

Prints in your home décor aren’t inherently bad, and you’ll often see designers integrating prints. However, you might want to take stock of the prints you’re using in your home design elements. If they’re, as an example, large floral prints in shades of pink and green, it might be time for a change.

If you want a timeless, enduring home design style, it’s better to keep things a bit simpler. It not only stands the test of time, but it also feels sleek and luxe.

Rather than going with extreme prints and patterns, you might think about bringing in texture, richness, and depth through the use of different types of materials—such as natural and woven materials.

3. Light Fixtures

Replacing light fixtures can breathe new life into any space. People often think it’s difficult or expensive to replace light fixtures, and in reality, it doesn’t have to be either of those things.

You can choose inexpensive light fixtures in modern finishes, and it can be a DIY project.

4. Carpet

Carpet is a rarity in modern home design. If anywhere you might find some in bedrooms, but beyond that, you’re probably not going to see much of it.

If you have carpet in places like the dining room and living room, you might want to become a weekend warrior and take it out.

You could have some beautiful wood floors hiding under there, and even if you don’t, there are relatively inexpensive laminate options you can install.

Removing old carpet isn’t just good from an aesthetic perspective. It can also make your house cleaner and less prone to trapping allergens.

5. Cabinet Color

Finally, the color of your kitchen and even bathroom cabinets can make your house seem old—maybe even older than it really is. If you have something like cabinets in a golden wood color, you might want to think about taking on a refinishing or repainting project. You don’t have to get all new cabinets because that can be extremely expensive, but a paint job might do a world of good.

If you are considering resale in the near or even distant future, consider these 5 things and create a to-do list to keep your home current and not dated. You will enjoy the space and the future buyers will, too!

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HOME DECOR, TRENDS, WE ANSWER WEDNESDAY

We Answer Wednesday – Pros/Cons of Laminate Flooring

October 8, 2014

“What are the pros/cons of installing laminate flooring? I always see such affordable sales on laminate but wonder if it will last or what the quality will be like…”

Laminate flooring products have come a long way over the years. Laminate now comes in so many different colours, textures and sizes. The versatility they offer is undeniably a fantastic option for many reasons. There are laminate products made to look like various stone floors, and more commonly, as hardwood floors. Laminate products come in barn board, wide plank, textured, matte, there are options with sheen, and the colour and tone options could go on forever. With many laminate flooring options, you can’t even tell it’s not hardwood because it looks just as fantastic as a hardwood product. (Or even better!)

Cost/Installation:

Laminate flooring is definitely an excellent cost saving flooring, and you’re not compromising style. Laminate is cheaper and easier to install than hardwood. Laminate flooring can be placed on top of almost any existing floor with the exception of carpet. There are many manufacturers who offer a glue-free, tongue-and-groove system. The interlocking planks make it an easy installation for a weekend project for all you savvy DIY-ers. Laminate can be uninstalled without damaging the laminate or the original flooring that is underneath.

Durability/Cleaning:

Of course, for re-sale of your home, hardwood is preferred by some buyers. Hardwood is more expensive and in some cases, can be less durable. The great thing about laminate is that it is MORE durable than hardwood. Laminate flooring works well in high-traffic areas and homes with pets. It is scratch-resistant and so easy to clean. Just use a dust mop or a mop dampened with water. Most manufacturers offer at least a 10-year warranty on their product.

Of course, Laminate has its drawbacks as well. With hardwood, once it begins to look tired, it can be re-stained. Laminate cannot, and will have to be replaced. Luckily, there will be a warranty. Laminate flooring is also not always the best for noise absorption. It can often have a hollow sound when you walk on it, but installing an acoustic underlay will help reduce the noise. And when it comes to resale market, most buyers do prefer hardwood but some of the laminate products on the market it is hard to tell them apart.

We are loving the different options that we are seeing in laminate – our favourite are the amazing reclaimed wood look in these floors – it has so much character and adds some much interest to a space!

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