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home renovation

7 Ways to Finance a Home Renovation

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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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home renovation

Top 4 Tips for Property Renovation

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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

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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

4 Signs Your Home Needs an Insulation Upgrade

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Your home is your castle, so it’s understandable when you want to invest in the best heating and cooling equipment. However, you still need to contend with uncomfortable interiors if you do not have the best insulation.

Multiple insulation alternatives exist, and you should choose one that suits your home, the materials, and the climate in your area. Most people to assume that they are well-equipped to pick and install their property’s insulation. This is a costly mistake that could raise energy expenses and create uncomfortable interiors.

Unfortunately, most people opt to remove their non-functioning wall and roof insulation without expert help. Often they spread the insulation material indoors, and then they may need additional cleaning procedures to get rid of the material. Sometimes the best way to save money is to get expert help, but would you recognize the signs that your home needs new insulation materials?

The following are indications that it is time for the removal and replacement of your insulation. 

Lingering Unpleasant Odors

At times even the most thorough indoor cleaning does not get rid of an unpleasant odor. Some insulation material could become moldy with heat and moisture. Other than spray foam insulation, most insulation materials are not waterproof and will absorb some amount of water.

Ground moisture and extreme humidity contribute to the formation of mold and mildew on your home’s walls and attic. Checking your insulated spaces without damaging the insulation may not be doable, and you may need someone who has the proper safety equipment to do so.

Worsening Allergies

Even doctors will be baffled by the persistent flare-ups of allergic conditions among the occupants of your home. This can be attributed to the mold spores that will spread in your interiors when neglected. It also arises from the tendency of some insulation materials to accumulate dust over time. The removal of your insulation, its replacement, and the air sealing are the ideal steps for keeping allergies at bay.

Water Damage

Wet floors, dark or brown splotches across your ceiling, and peeling paint on any surface are common signs of water leaks. Ineffective insulation will indirectly contribute to significant water damage. If for instance, your water pipes are not well insulated, freezing water may cause them to burst or spring leaks that contribute to your property’s water damage. And with sufficient damage, it may be time to get a new roof, too.

Household Pests

Pests will feed on old insulation materials. Though fiberglass is effective, inexpensive and popular, rodents love tearing it apart. The holes created in your insulation by the rodents

form the perfect entry spot for other insects and dangerous animals like snakes. Air sealing your property can avert the invasion of your home by pests to some degree, but it is not completely secure.

These are not the only signs of damaged or ineffective insulation. They could also be signs of something else, and most homeowners could waste their money on unnecessary services and high medical bills before realizing their insulation is the primary cause of their issues. Your best choice is to have your insulation installed and maintained by professionals so you know when to remove and replace insulation.

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home renovation

Renovating your townhouse

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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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BATHROOMS, INTERIOR DECORATING TIPS, KITCHENS

Countertops can make a huge difference!

granite-counter-tops

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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