Tag Archives: project

5 ways of making your project affordable

If you’re planning an upcoming home renovation project such as a bathroom or kitchen, you’ll quickly realise that funds disappear when not managed properly. Budgeting your project down to the last “nut & bolt” can be a menial task, but this attention to detail can save you headaches in the long term.

In addition, sourcing financial support from a number of widely available options can help spread the cost of your project, allowing you concentrate on the finish rather than the finance. Here are 5 top ways of making your project more affordable:

A Home Improvement Loan

Many people turn to a home improvement loan when it comes to financing a renovation, with many banks offering competitive products that are quick and easy to apply for. They work in the same way a personal loan would, with different banks offering different deals depending on your circumstances. As with anything, shop around for the best possible interest rates as they can vary from 5% – 8% depending on your credit rating.  Providing you tick all the boxes, you’ll get the money straight away so your project can be finished quickly and efficiently.

Retailer finance

With an abundance of suppliers in the marketplace, competition has never been stronger. Many retailers now offer their own versions of finance deals to help make your dream kitchen or bathroom become a reality quicker than you’d expect. The interest rates are often very low making retailer finance an affordable option for anyone, with some of the larger retailers offering 0% finance on complete supply & fit options.

Credit cards

Many of us would instantly turn our noses up at credit cards, branded with the image of high interest rates and unrealistic minimum payment options. However, credit card companies have changed their methods in a fast track way to attract new customers, offering 0% interest on purchases for those with strong credit ratings. Be sure to pay off your amount within the grace period (or switch it to another card) as you may face interest rates of up to 25%.

Using your mortgage

The previously mentioned options are all quick and easy ways of getting your project started, but some people now are utilising low interest rates as a way of paying for large projects. By re-mortgaging your home to suit a better finance deal, you’ll often find yourself with a larger source of funds to work with. This isn’t a quick option however as the entire process can take time, not to mention potential fees which can be upwards of £500.00.

Plan & Save

At the risk of not confiding with the ways of modern society, you could always plan your project well in advance, using good old fashioned saving to gather the necessary funds. It’s the way it’s been done for many years before the dawn of credit! Put away a little each month for a set period of time to pay for your renovation, leaving no trail of credit repayments when you settle down to your first hot soak in your new bathroom. There is no better feeling!

How did you plan for your project? Let us know on Twitter @divapor or visit our newly renovated Facebook page!

 

 

10 Renovation Tips you need to know

If you’re planning to renovate your home on a grand scale, it’s not uncommon to feel intimidated about the attention required to ensure a successful project finishes as you wanted it.

It may not be a problem for those of us who are moving at a manageable pace, completing room by room, but for those of tackling the entire establishment, sticking to schedule is key.

Top 10 home renovating tips

Here are 10 top tips you need to consider for your renovation:

  1. Try not to go on holiday leaving builders or workers on site to handle your project. If you managing the project yourself, you need to demonstrate your presence to ensure that build pace and concentration does not drop. Mistakes cost money to correct.
  2. Don’t compromise – If this renovation is for your own home, you need to remember that you will be living in it after completion, not the builders. This applies to both materials and build methods.
  3. If you’ve never managed a project with a scale such as this, try to get someone involved alongside you who has. Project management is a full time job and you can’t afford to lose your way.
  4. Watch your bank balance and keep track of all building costs weekly. When an invoice pops up make sure you pay it as soon as possible and file away the receipt safely. Utilise spreadsheets so you can keep an eye on the running costs throughout the project.
  5. Schedule the entire project and make sure your workers are keeping on track, meeting deadlines or preceding them if at all possible. This way your project moves efficiently whilst everyone knows what they are doing and when.
  6. Keep in constant contact with your foreman ensuring they have everything they need on site, when they need it. There’s no need for “We didn’t finish this because we didn’t have this.”

    Planning is key!

    Planning is key!

  7. Double check the specification of all products, appliances and materials before work begins on the site. Ensure everything is ordered and delivered to site on time – You simply won’t have time to be waiting around for a particular part to arrive due to delays etc.
  8. Trade discount can be your best friend when used properly – Pressure your suppliers to give you the best possible prices, ensuring that you visit multiple merchants comparing the best deals.
  9. Set up a trading account with the building merchant that you decide to use. Organising one at the beginning of your project means that you’ll qualify for trade discounts whilst making it easier for your site foreman to order extra materials should he need them.
  10. Get involved – This is your project at the end of the day. You can save money doing parts of the project that you feel comfortable completing, such as painting, digging or even sanding!

For more innovative ideas and expert advice, why not grab a copy of George Clarke’s latest book “The Home Bible” – An endless resource of information you should really know before starting any project. Click below for more information: