Top 5 Tips for Renovating a House

The prospect of renovating your home is exciting, but also daunting if you have a lot of work to do. Here are our top five tips to help you figure out the best way to finance your renovation:

 

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The prospect of renovating your home is exciting, but also daunting if you have a lot of work to do. Here are our top five tips to help you figure out the best way to finance your renovation:

 

1. Cash isnt always the best way to pay

 

If youve saved up a large amount of cash in a high-interest account or mutual fund, it might actually be cheaper to take out a loan rather than withdraw this cash early from your savings account. Work out how much interest you will lose out on by using the cash, compared with how much interest you will end up paying on a loan. The loan could work out cheaper.

 

2. Shop around for a loan

 

If youre going to take out a loan, make sure you look for the best interest rates. You can use the Cheapest Way to Borrow tool on TotallyMoney.com to find the best loan for you, depending on how much you want to borrow and over how long you want to pay it back.

 

3. Spend as long as possible planning.

 

Kevin McCloud from Channel 4s Grand Designs says that: “Everyone… should spend three years on planning, and six months on the really expensive bit – the building.” Click here to read the original article on The Telegraph web site.

 

4. Make decisions before the renovation and stick to them.

 

According to professional contractor Kenny Grono, its best to make every decision about your renovation before work starts. Even seemingly small decisions, like which cupboard doors to go for, can delay work by days if they are left to the last minute. He also says stick to your decisions!

5. Hold some money back from the builders.

 

Dont pay your money to the builders up front. George Clark from TVs Restoration Man told The Telegraph that its important to agree on a price with your builders and then keep 5% of their payment back.

 

 

 

So there you have it- if youre clever about how you finance your renovation and spend a long time planning everything down to the minutest detail, your renovation should run smoothly and end up just how you imagined!

 

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

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