Many homeowners are choosing to improve their homes and surrounding property. From adding a new bathroom or kitchen to renovating the garden, it makes your property look new. In the US, 80% of homes need improvement or remodeling because they are more than 20 years old.
The kitchen remains the most renovated room in the home, followed by the bathroom and living room. Google search trends show that kitchen remodeling increased by 23%, where homeowners spend $5,000 to $15,000 on home improvement projects.
The price of home improvements depends on the type of the materials, size of the project and the finish. The average cost of a new bathroom is between $4,000 to $6,000. A medium-sized new kitchen costs $3,000 to $5,000. For bigger rooms and larger projects such as garden renovations and extensions, the cost is between $10,000 to $20,000 or more.
In general, contractors usually suggest around $1,000 to $2,000 per square meter. If you want to renovate or remodel a 3 by 5-metre garden or extension, the cost will be $22,000 to $25,000. On average, the cost of remodeling and renovating your home doubles over the initial cost.
The good news is remodeling and renovating your home by adding a double bedroom, bathroom, or extension increases the home value by 23%.
Figuring what to buy for your home improvement project is challenging. Not to mention determining your budget, design style and colour palette. To figure out what you need to buy first for your home improvement project, create a decorating file.
Start by pulling anything and everything that you like and want to see in your living space. You can have an actual file or use Pinterest. Store everything from flooring to furniture and more. Once you have the file, embark on remodeling your home.
The floors are big, time-intensive and generally expensive. Some people opt to start with the floors then work up and out. Others opt to do the floors last. This is because floor finishes take a while to cure fully, and you don’t want anyone walking on your floors while covered with tarps.
If you start with the floors first, contractors may spill or damage your finished floors. We recommend you renovate the floors last but make sure to protect the walls as the floor sander may scuff the walls.
With this in mind, the first items to buy include:
Start with the kitchen as it yields about 70% ROI. A great kitchen sells a house fast. If you’ve an outdated kitchen, brighten up the space. Stick to a plan to complete the remodelling quickly while keeping your wits about you.
The following are three ways to finance your home improvement project.
You want to transform your home, which means you need new furniture, new lighting, new floors – the full shebang. Sadly, the money is lacking. Lucky for you, you can get a same day loan. Basically, you’ll receive your money within 24 hours after approval. It’s as simple as that. Also it is very easy to apply for a same day loan online.
Several online platforms offer same day loans with higher credit limits – from £300 to £10,000 or more. Unlike a bank loan where your eligibility depends on your credit score, same day loan providers can offer loans even with bad credit.
However, in your application, you need to provide the following:
They require your banking information for cash advance purposes that include direct deposit or cheque. If you’ve filed for bankruptcy or had your wage garnished, you’ll not qualify for a same day loan. The short term loan is always advanced to you according to the terms indicated in the contract. For example, you need to repay the loan within a stipulated period – a week, month or year.
Before applying for a same day loan, check the site’s reviews online.
One of the benefits of borrowing money from close relatives is that they lend it at a lower rate than banks or same day loan providers. They also lend the money without stringent measures. By borrowing from close relatives, you get to reduce your overall debt level. This boosts your long term credit and does not affect your credit score.
It also allows you to have more hard-earned cash in your hand to complete your home improvement project. Borrowing from close relatives has more flexibility. With a traditional bank loan, there are extra fees for late payment. It’s also a hassle to renegotiate payment options. Even some lenders charge a fee when you repay your loan early.
Close relatives are flexible as they can extend the grace period and reduce your monthly minimum payment. However, prepare for strained relationships and misunderstandings if you fail to repay the loan.
To avoid these issues and more, craft a promissory note loan agreement. It should outline the loan terms, such as repayment schedule and interest rate.
A budget is a crucial planning tool that helps you plan your finances. According to a 2016 study, only 41% of people follow a budget. Effective budgeting involves developing a financial plan that helps you achieve your goals. As the most critical tool in your finance utility belt, a detailed budget should break down your income and expenses by month.
To live on a budget, we recommend following the 50-20-30 rule. Popularised by Senator Elizabeth Warren in her book “All Your Worth: The Ultimate Lifetime Money Plan,” it’s an intuitive plan. It can help you achieve your financial goals.
The rule states that you spend 50% of your after-tax income on needs and then split the remaining between 20% savings and 30% to everything else. Since you’re living on a budget, you can allocate 10 to 15% from the 30% to a home improvement fund. By following this rule, you can cover your expenses, save for emergencies, and all at the same time make renovations to your home.
There are several ways to raise money for your home improvement project. But you must first analyze the project, have a budget and only borrow what you can repay. Avoid getting into too much debt, and make sure you weigh up all your options. Do not rush into anything without understanding the implications.
Luxury used to be all about flashing big logos and bold statements. But lately, the game’s changed. Quiet luxury is all about subtlety: investing in quality, craftsmanship, and classic pieces that don’t cry out for attention but quietly elevate your space. It’s that feeling you get walking into a room where everything just feels right, without needing […]
Imagine a home that breathes with the breeze, where sunlight filters through lush foliage, and the vibrant hues of nature are an extension of your living space. Tropical houses are architectural marvels; a profound dialogue between human habitation and the natural world, born from centuries of adapting to warm, humid climates. Far from rigid structures, […]
Buying a mini excavator isn’t something you do on a whim. Whether you’re expanding your fleet or picking up your first machine, you need to know it’s the right fit, not just for today’s jobs, but for what you’ll be tackling a year or two down the line. These machines might be smaller than full-size […]
“Dream kitchens don’t just happen — they’re designed with care and style.” Walking into the same old and outdated kitchen in your home? It’s time to change the design and get that wow factor, according to your needs and wise design choices. Seems like a challenging task, right? But let’s be clear here, the kitchen […]
Kerala style homes have courtyards surrounded by rooms on each side. Traditional Kerala-style homes have a central courtyard known as Nadumuttam surrounded by rooms. These homes promote natural light and ventilation according to the region’s climate. These homes, due to the feature of courtyards as their core spaces, offer beautiful opportunities for social gatherings. This […]
When it comes to enhancing the kitchen window over the sink, various design ideas are possible to decorate Indian homes. From rooted in tradition to Western-style modular kitchens offer both functionality and attractive aesthetics. Apart from the sleek profile and raised breakfast counter, the kitchen window over sink is another spot to add appeal and […]
Indian homes place equal importance on pooja room door designs as they do on main door designs. With diverse and unique ethnic backgrounds, every family strives to reflect their personalities and identities in their designs. These identities can encompass religious or spiritual interests, local contexts, or other personal elements. This series of blogs, featuring 50 […]
The door design for main door is a defining feature of any Indian home, embodying both style and cultural significance. In a country rich with diverse architectural traditions, the entrance to your home reflects not only personal taste but also cultural heritage. Whether you’re drawn to the intricate carvings of traditional Indian door designs or […]
Pillar design is a cornerstone of architectural elegance, seamlessly blending structural support with aesthetic appeal. Our blog, “50 Best Pillar Design Inspirations,” celebrates this essential element, showcasing a variety of styles from classical Doric and Ionic to contemporary and avant-garde innovations. Whether you’re an architect, interior designer, or a design enthusiast, these pillar design inspirations […]
The integration of screening evergreen trees serves as an artful blend of practicality and natural beauty. These screening evergreen trees, with their lush foliage and diverse benefits, play a crucial role in enhancing privacy. It also blocks unwanted views, and contributes to the overall well-being of homeowners. From the majestic Jamun trees to the versatile […]