It might seem like a disaster at first, but discovering that your home requires some urgent renovation work needn’t be upsetting. While it will undoubtedly involve a lot of hard work, look upon it as an opportunity to transform your home and add considerably to its value in the long term.
Maybe you’ve lived in your current home for several years, or perhaps you’ve just bought that ramshackle old cottage you’ve had your eye on for months. Maybe you’ve discovered that your floor has woodworm, or you just fancy rearranging the layout of your home. Whatever the reason for renovating your home, be prepared for a lot of hard work to go with the blood, sweat and tears – and the inevitable effect they will have on your bank balance.
For example, imagine you lift the floorboards in your dining room to find that the supporting timber joists are riddled with woodworm holes, or are rotten – or perhaps both! While the initial discovery would come as a shock, it could also be an ideal time to consider doing something different when it comes to replacing the floor. While having the rotten, infested wood treated should be done through a professional, replacing the floorboards is a job you can definitely do yourself! Rather than replacing the wood and covering it with carpet, you could have stripped floorboards or laminate flooring instead.
Perhaps you’re bored of having to leave the living room to access the stairs, or kitchen. If so, why not consider moving the stair to somewhere more practical? Or perhaps make a door in an adjoining wall? These are big jobs and involve significant upheaval and disruption, so they are perhaps best left to a builder to perform – not least of all because they will involve making some changes to the building’s structure. You might also need planning permission from your local authority, so it’s wise to check before any work commences.
Perhaps you’d rather build a conservatory? Conservatories are a relatively hassle-free way to extend your living area and can often add considerable value to your home. However, it is often a good idea to think about how a conservatory will alter the look of your home as it might not be wise to mix differing styles, such as contemporary with Edwardian. Get quotes from local tradesmen and specialist companies, and seek recommendations from friends and family – they might save you more than just money. Again, you might need to seek planning permission, so be sure to check beforehand.
Or, you may just want to freshen the place up a bit by redecorating your home from top to bottom with new wallpaper, carpets and furnishings. Research by Halifax has shown that redecorating is the UK’s most popular home improvement and a fresh lick of paint can completely alter the look, feel and atmosphere of a room.
However, regardless of the way you choose to renovate your home, bear in mind the financial costs of the work involved. Whatever the job, it’s important to know how much you can afford to spend before you start. Nothing looks worse than an unfinished renovation, whether it’s an unfinished wallpapering job or a half-built conservatory and not only will you have to live with it, you might also have to try to explain it away to a potential buyer.
You might not be able to afford renovating your home purely on the strength of your bank balance, but there are several ways to raise the money necessary to allow you to take a step closer to your dream abode. One of the most popular is a secured loan, where you borrow money secured on the value of your property. This has the benefit of having lower repayments and a longer period to repay the loan than most unsecured loan options. You might also consider remortgaging your property to generate some spare cash with which to invest in your renovations.