Renovations are a big deal at the moment as many are in the mindset of ‘improve, don’t move.’ This is mainly because the financial world is so unstable, so people don’t know if selling their house is going to cost them more in the long run!
With that in mind, people are turning to extending their property and renovations in a bid to not only increase the value of their homes but also to make necessary changes to it with having the upheaval of moving.
What’s the purpose
Before you decide to commit to a huge renovation project, you seriously need to ask yourself what you hope to achieve by either making the house bigger through an extension or by changing the interiors.
If your house is in a derelict state, then you need to factor in the full costs of what needs to be done, and how this is going to happen. Preparing to do the work yourself if you have no experience of house renovations is not only going to cost you money but a lot of time and heartache if things go wrong.
Do you need to incorporate plans into the extension? If so, you will need to employ and pay for an architect. Always go by a recommendation for an architect and ask to see previous examples of their work as well as asking for testimonials of past clients.
As with an extension, you may need to consider professional advice if you’re researching internal renovations. If you want to knock down walls or add bathrooms, for example, you might find that it is a job that will require professional builders, therefore needing to factor in cost.
Who’s it for?
As renovations are never easy or cheap, you need to consider who you are doing it for. It means thinking long term. Perhaps you’re deciding to convert a garage into a bedroom for your teenage son; is it something that really needs to happen because when he leaves college, he may move away to go to university or work. You don’t want to spend a great deal of time and money on a project that is just for the short term.
Let’s Talk Money
As always, the money side of any home project needs to be well thought out. You can either finance renovations and extensions though savings or you can consider a short term loan. A direct lender payday loan from LoanPig is ideal if you just want to borrow an amount of money for the immediate future and then pay it back through monthly repayments.
This means you are not tied into long, drawn-out loans that you have to pay back for many years, long after the house is finished.
Or you can use part savings and part short term loans. That way, you are not risking all your savings if the project takes longer or experiences any other difficulties.
Deciding how you want to change your home is a very exciting prospect and as long as there is a detailed plan in place about why it’s happening and who for as well as how it’s going to be financed, then you are less likely to encounter any long term problems.