Finding the Funds For Property Renovation

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Only 35% of Americans are satisfied with their finances today, so it’s no wonder that many households find it difficult to acquire the extra money to fund a home renovation. However, renovation can significantly improve the value of your property. It might just be the case that coughing up the cash could pay dividends in the long run. Nevertheless, this is an important decision, and not one to be taken lightly by any household. Do examine your options fully before making a potentially costly decision. Let’s take a look at them now.

Come up with a plan

Have in mind what kind of budget you’ll want before you even start to look at financial products. Different types of renovations will need different budgets, so think carefully about the exact improvements you want to make. Will you be knocking down walls? Adding plumbing? Applying for permits? All of these are likely to add significant costs.

One thing to help with your budget is comparing the cost of tradespeople. It could avoid you needing to take out multiple loans, meaning a much lower interest rate overall, and of course, it will give you a lot more piece of mind too! Make sure to compare multiple tradespeople, and also ask for quotes rather than estimates. A quote is a more accurate reflection of the true cost of a service, and unlike estimates, they’re legally binding.

Don’t peso much for a loan!

Another thing to look at carefully is the options you might have to finance the renovation. Someone new to renovation might easily overlook what might have been the best option for them. One option is always to pay out of your own pocket. Unlike any other options, this one comes with a zero percent interest rate - which might be very appealing to some! You might think that you don’t have quite the level of savings for this, but do look carefully at your monthly outgoings to see whether it’s possible to cut back on spending in the short-run to reap those gains in the long run.

If an upfront payment is not an option for you, then when you’re comparing financial products, look for both a low interest rate, no nonsense in the terms and conditions and clear evidence that the entity you’re looking at is legitimate. Alongside personal loans and mortgages, do look at some of the less conventional options too. Consider using a P2P (person to person) lending platform, or calculating a reverse mortgage, as these methods could be end up being the best choice to make.

Safe as houses?

So, there are two big things to think about when renovating your house. Make a detailed plan and then follow through on it: calculate exactly how much the work will cost, and how you’re going to pay for it. Remember, there are plenty of frauds out there looking to make easy money by ripping people off: don’t let yourself be one of them!

Seven Rules to Follow When Renovating Your Apartment

Whether you live in a studio apartment or something more spacious like The Madrid, renovating is the perfect way to make it your own. If you’re in the market to spruce your place up, then follow these seven essential rules.

1. Always Check With the Landlord

Apartment living comes with its own set of rules, and the person in charge of those is your landlord. Unauthorized changes to your dwelling can lead to fines or eviction, so play it smart. Start by checking your lease to see what upgrades can be made, then ask the landlord directly to get the okay on your project.

2. Hit the Kitchen

Apartments typically come with outdated kitchens since they save landlords money. That’s not always the case, and http://www.carmelapartments.com/the-village/ is living proof, but it might be the first area you want to spruce up.

Simple changes like replacing knobs or repainting cupboards can breathe new life into this space, as can printed contact paper inside the cupboards. To save on space, add adhesive hooks to the insides of your cabinets and some easy to install removable shelving.

3. Bathroom Etiquette

Dealing with a small bathroom? If your porcelain throne room could use an update, start with the showerhead and knobs on the sink then add a shelving unit to help stores things like towels or toilet paper. If you want to go the extra mile, ask about painting the walls a different color or updating the flooring.

4. Floors Galore

Updating the floors is a major change, but most landlords won’t argue if it can help increase the value of the space. They might even reimburse you for part of the cost if you sell the idea to them this way!

Keep your cost down with carpet, laminate, or linoleum. If you can install it yourself, all the better. Whatever you choose, this can make any room feel like it's brand new.

5. Livable Living Space

Apartments can often feel smaller than they are due to cramped furniture arrangements. Thankfully, moving your furnishings around is free and takes a mere few hours to complete. If you’ve already got the ultimate feng shui down pat, then consider swapping out certain pieces with space saving alternatives.

6. Make Use of Space

Have an extra room that you don’t use very often? Why not repurpose it into something more useful? Any room, open or not, can quickly be made into an office or extra space to entertain guests.

If you really want to go the extra mile here, use the smaller space for your bedroom. It might not seem practical, but consider how many more guests you could entertain with the opened up space in the larger room. Besides, how much room do you need just to sleep?

7. Brighten Things Up

A dimly lit apartment will always look smaller than it really is. While ample amounts of natural lighting are nice, it isn’t always an option. Consider adding a few lamps, and keep your eyes peeled for any overhead lighting you can install.

Provided you have permission, you could try out Lantern & Scroll custom lanterns for a truly unique feel, or pick up a few standing lamps to place in the corners of your room. To give different rooms their own vibe, try our different lighting in each.

Renovate Away

These rules are the recipe to making any apartment space feel more spacious, inviting, and aligning them more with your unique personality. By the time you finished #7, you’ll swear you just moved into a new place!