5 Keys to Finance a Home Renovation

5 Keys to Finance a Home Renovation

A well executed home renovation can resulted in increasing your home market value. The following tips allow you to achieve renovating and at the same time increase home market value.

1. Consider Your Budget

It is exciting to plan your home renovation and at times you may go overboard, stand back and think of how you will pay for the renovation.

- If you are financing a loan for your home renovation, you have the option of tying the renovation loan into your home loan. However this

- If you are paying cash and have limited budget for your home renovation, it is wise to focus on necessity such as the kitchen, bathroom renovation and cabinets installation. Work your way up and you may add on fittings and good to have items on a later date.

2. Allocate Your Budget Wisely

Well planned layout and high quality kitchen, bathroom and cabinets renovations almost always add extra value to your property. The same can't be said for plaster ceiling or porch area. Key point is, focus on necessity rather than luxury. Luxury renovations do not warrant a fiscal return.

3. Introduce Environmental Friendly Elements

It is always encouraged to add environmental friendly elements into your home renovation such as energy efficient appliances, rainwater tank and heat resistance feature such as double layered window. These not only add value to your home, it will also save you on utility bills on the long run.

4. Avoid Over Capitalizing

Avoid over capitalization by not spending more on the home renovation than the value it adds to your home. Take consideration of the market value in your surrounding before deciding to spend. For instance, if your surrounding areas are family oriented, it can add value to your home if you ever decided to add an additional room, not much so if the area is single person oriented type.

5. Be Realistic

Finally, remember to be realistic about your budget. During home renovation you will get caught up in the excitement and may go overboard, this would resulted you running into debts or worse. Decide on your budget for your home renovation and stick to it.

8 Top Tips to Save on Your Remodel

8 Top Tips to Save on Your Remodel

It is everyone's nightmare if the budget is burst during home renovation. This could happen due to a lot of reasons and it is hard not to end up shelling out more than you want to.

Best way to work around getting your dream home renovation at the price you can afford and not at the cost of work quality; strategic plan about design, materials, and schedule you can cut cost without cutting corners. We will show you on the following:

1. Introduce Natural Light

Consider introducing more natural light into your home by adding windows if you have windowless hallway or room. Not only you will save electricity bills but you can bring in more ventilation.

2. Sell Your Unwanted Items

Before you begin your home renovation project, set aside all your unwanted items and bring them to your local used item store and sell them for some fees. Most of the time you would want new items to replace the old ones during home renovation and these includes cabinets, sink, home appliances, fittings and so on.

3. Limit Recessed Light Fittings

The more recessed lights are installed the more it is going to cost in the long run. Moreover to install the recessed lights you need labour to cut all the holes on the plaster ceiling. A ceiling mounted or wall light can deliver more light intensity, therefore you get away with fewer lights fittings.

4. Increase Efficiency but Not Size

Bigger size does not means better in home renovation. If you are short of space in your kitchen, you need not demolish a wall to expand the area. Start by replacing space occupied shelves with cabinets, pullout drawers and dividers. Get creative with your cabinet design to fully utilize with wall space.

5. Make Early Decisions

Visit your local hardware and home appliances store. Get a good feeling for what you want in fittings and appliances and the cost. For huge appliances or furniture, get the dimensions to have an idea how much space it takes at your home. Prepare a list of your wanted items and discuss with your contractor how to move forward.

6. Plan with Standard Sizes

Consider standard size items like doors, windows, sink and flooring. This will save yourself from premium cost of custom fabrication.

7. Don't Move the Toilet or Kitchen Sink

It is best to maintain the location of kitchen and toilet sink. Moving its location means moving the internal plumbing and this will set you back with a lot of adjacent costs; demolish and rebuilding of wall to make way for new plumbing. If your contractor did not do a good job on the plumbing, the worst fear is the risk of leakage in the future.

8. Do Your Own Transport

If you are procuring materials for your home renovation, consider to deliver the items to your home by yourself. This would be much cost effective than hiring transport a truck.