Thursday, 1 October 2015

There's No Place Like Home

We love our home and over the years we have worked hard to transform it into a place that we love to spend time in. After all, it’s true what they say, there’s no place like home.

Although my husband and I have invested lots of time perfecting each room into a space that reflects exactly how we want it to look and feel, there’s still so much to be done. It’s a sad fact of life that home improvements do not come cheap, especially if you’re renovating areas of home such as your kitchen or bathroom, as we have quickly found out. I live in a flat and hope to move one day to a larger house but before then I need to renovate and decorate our home.



My Dream Home 
Image Creative Commons Pixabay

We’ve been meaning to renovate our kitchen for years now, and despite being one of the most used rooms in our home, it has kind of taken a back seat. I guess the costs involved in taking on this scale of home improvement project have always put us off! Getting reliable workmen too is incredible hard where I live.

We were right to be wary, having started to look into the costs involved, we quickly realised that this was one home improvement project that wasn’t going to happen financially overnight… With this in mind, I decided to do some research into how we could be in the best financial position to fund our dream kitchen. Here’s what I found out.

Credit

If savings are not an option, or if they don’t quite cover the amount you need to spend, it might be worth looking into taking out a credit card or loan to finance the cost of your project. Just make sure that you shop around for the best deal, check out and compare the Annual Percentage Rate (A.P.R) for loans and make use of offers like 0% balance transfers on credit cards. 





Image Creative Commons Pixabay

However, before relying on credit as an option and to avoid disappointment before applying, it’s always a good idea to check and make sure you understand your credit report. You credit report is important as you need to check the information on it is correct, as if not it may affect your chance of getting credit such as a loan, mortgage or credit card in the future. It is recommended that you check this once a year for inaccuracies so you can put it right. The higher your credit score the more likely it is you will be given credit.

Savings

As a family that has always saved, we have managed to save a substantial towards the cost of the project. One thing that is important to account for is unexpected expenses.


Before starting any home renovation project you should always overestimate the costs involved, and make sure that you have the money set aside to cover them. Sit down and write a list of all of the costs involved from materials to installation, then add 10% on top for unforeseen costs. It might even be that you have to take time off work to oversee the project, make sure you factor this into your costings too!

Mortgage

Another option to help fund large home improvement projects is to look at re-mortgaging your home, particularly if you are going to be renovating rooms in a bid to increase the value of your property.

These often include rooms such as your bathroom, kitchen, and extensions to your home. You should also check whether or not you have any equity tied up in your home, this could also allow you to free up some cash to cover the costs of your home improvement projects.

We are well on our way to funding our dream kitchen and I hope in the next few months to report back with photos of our renovations....If I can find some reliable workmen....


Tell me if you own your own property have you ever thought about home improvements? If so how did you manage to fund it?

*A collaborative sponsored post
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18 comments

  1. I'd love to renovate more, but the budget always effects. One day it will eventually be the almost house of my dreams x

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    1. Have a look at my tips on how to finance a renovation.

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  2. It's always such a huge decision to renovate, but totally worth it in the end x

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  3. Slowly to be honest… it is not easy to save money for an improvement project but if you make it your priority it will happen!

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  4. We own our own home and think of home improvements but they cost a fortune.

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  5. I've been at my place for almost 10 years. I always change things round and paint the place every 2-3 years - the reason : it's white all over! I think is about time I had a dramatic kitchen and bathroom renovation. Just need a plan to save to pay for it! R

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  6. I desperately want to do my bathroom, the one room that is in need of a makeover x

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  7. I would really love to buy a house and then renovate it - make it exactly how we want it. It's just getting to the right stage in our lives to buy!

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  8. I am still renting but one of the reasons Id want to buy a house would be so I could renovate and decorate it.

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  9. Home improvements can be so expensive, you should always save up if you're planning to do that.

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  10. It feels like we have been doing our house up for years! Cashflow, or lack thereof, really is the only thing holding us back!

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    Replies
    1. Have a look at some of my tips. Maybe check your credit report and weigh up the options to finance your home improvements. Never get into debt that you can't pay back though, it is so not worth it.

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  11. Several years ago my job took me away from home for six months. The overtime payments and the various allowances went straight into a separate savings account and when I was back home all that extra salary paid for a new kitchen. Not sure we would ever have afforded it otherwise.

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    Replies
    1. That's a good way to save if you have that opportunity.

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