search
  • How to Finance Your Home Improvements in 3 Easy Steps

    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 Improvement

    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%.

    What to Buy First for Home Improvement

    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:

    • Paint
    • Wallpaper
    • Other surface finishes

    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.

    Best Options to Finance Your Home Improvement

    The following are three ways to finance your home improvement project.

    Get a Same Day Loan

    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:

    • Proof of address
    • Proof of full-time job
    • Banking information

    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.

    Borrow Money From Close Relatives

    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.

    Live On a Budget for a While and Finance the Improvements by Yourself

    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.

    Final Thoughts

    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.

    20 Bedroom Mirror Ideas To Make Any Space Look Enhancing

    Bedroom mirror ideas influence the space in a very intrinsic manner. They can enlarge a small bedroom space by the reflections. Bedroom mirror ideas can add glitter to dull spaces and make them interesting. They can be enchanting once placed in different forms and shapes. Bedroom mirror ideas must also be placed carefully according to […]

    Read More

    Architectural Technology: Shaping Modern Architecture

    Dr. Prof. Anand Achari, Principal at VES College of Architecture In the realm of architecture, Architectural technology has emerged as a transformative force, ushering in a digital renaissance that is reshaping the way buildings are designed, constructed, and experienced. From innovative materials to advanced digital tools, technology acts as a catalyst, pushing the boundaries of creativity […]

    Read More

    Small Open Kitchen Designs: 20 Ideas For Compact Spaces

    In large urban centres, small open kitchen designs are a common feature of many homes. In Indian households, where the kitchen is one of the most frequently used spaces, it needs to be comfortable, functional, and aesthetically pleasing. The absolute dream is a spacious kitchen with sky-high ceilings and ample natural light. However, many of […]

    Read More

    Ideas for Integrating Smart Furniture into Your Home

    Not long ago, it was hard for us to imagine walking into a home where the coffee table charges your phone, the sofa adjusts to your preferred sitting posture, and the mirror offers the day’s weather forecast. But times have changed significantly, and we’ve stepped into the world of smart furniture, where technology meets comfort […]

    Read More

    Elevate Your Space With These 20 Interior Design Ideas for Home

    Unlocking the secrets of Interior Design Ideas for Home can be a game-changer for any enthusiast. Even those with a keen eye often seek validation from their Pinterest boards before making changes. It takes time and expertise to master aspects like lighting and floor planning. Whether you’re an experienced or a beginner, having a professional’s […]

    Read More

    15 Sustainable Interior Design Tips For Eco-Conscious Spaces

    Sustainable interior design implies the modern aspect of crafting spaces and understanding varying styles and trends. The need for eco-friendly design emerges from various challenges such as climate change, cluttered space, and losing touch with nature. Sustainable interior design follows the principles of green design, connecting the hues of earth and the texture of nature, […]

    Read More

    20 Screening Evergreen Trees for Indian Home Landscaping

    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 […]

    Read More

    50 Magnificent Gate Design That Will Protect Your Home

    Gate Design is an important feature of any home. Numerous scopes for experimentation open up when delving into the design possibilities. Materials like wood and black steel are popular options in Indian homes. At the same time, designers also experiment with a combination of materials that suits their aesthetic. Buying mass-produced gate design has become […]

    Read More

    50 Wooden Door Design Ideas For Your Next Home

    Wooden Door Design is an essential feature of every Indian home. It comes in a wide range of colours and shapes that can also be customised. Wall-height doors are a trend in most modern homes, which create a welcoming aura to the home. At the same time, experimenting with the position of the door is […]

    Read More

    50 Refreshing Terrace Design Inspirations Essential for Urban Spaces

    A rejuvenating terrace design is a breath of fresh air. One can experience the beauty of the outdoors from the comfort of their home. At the same time, a good terrace design can help one relax after a stressful day. It is a representation of one’s style and character. Terrace Design can seem minimalistic and semi-open or functional with a jacuzzi […]

    Read More
  • How to Find the Best Movers

    Design Stemmed from the Idea of Greenery, Light and Absolute Privacy for this Residence | MDA Architecture