Once you start getting into major home refurbishments some might say that “you get what you pay for“, but in reality there is an opportunity to save a lot of money by shopping around, breaking the project down into its basic components, doing what you can yourself or with the help of friends and not being afraid to haggle. It is unlikely that you will get a one shoe fits all supplier who can do both your conservatory and your kitchen. Create a spreadsheet, can be on paper or using something like excel on a computer, and list what you want to do and create a line for each stage / component of that specific project. Put down what you think things may cost overall, or even what you are prepared to pay, do some research on line and start filling in the gaps. If you decide it is viable and you can afford it then get at least two quotes for everything.
If you are adding a room or rooms, smaller conservatories of around 3m x 3m can start at around £3,000 (provided you do not need major footings) and as you increase by 1metre squared you are probably going to be adding another £500 to £1000 at a time. So once you are a 5m x 4m you could be needing from £10,000 to £15,000 but don’t forget you haven’t furnished it, added heating or flooring yet! Also if you are going that big then you might want to opt for something more structural, orangeries are the half way house and may not be that much more than a conservatory, especially if you need foundations in any case.
Another way to gain possibly two rooms is to convert your garage and build another room on top of it. The quick first step here if you already have a brick built garage is to get a builder in just to find out if you have the foundations in place for a single level or two storey extension – obviously give him the chance to join the quote list at the same time. This is a major expansion and could well use all of your £30,000 budget but the living space increase will be quite dramatic and if or when you sell the description of your house will have gone up by plus one room on both floors.
Many people who improve their home to this degree will spread the money over many areas to get the general feel of their home uplifted. This may be because it is getting a bit run down due to wear and tear or because you have bought a property at a knock down price knowing full well that it needed some investment. However if you budget wisely and be sensible in buying what is good value but does the job and looks the part – you could join homeowners who have managed to refurbish their kitchen, have a new bathroom suite fitted, carpet and paint every room, landscape the garden and add a decent sized conservatory effectively refreshing their whole house for a budget of £30,000.
Financing your home improvement
Before you can commence on your major home refurbishment proper, you need to be able to have the money available to pay the various suppliers, planning permission (where required), surveyors, contractors, fitters, carpenters, plumbers and manufacturers which your specific home enhancements will impact upon. A £30,000 home improvements loan may seem very large but in fact it is probably a lot smaller than the vast majority of mortgages out there and the key point is if you are spending on improving your home, or a buy to let you own ,then with a bit of luck you should see dividends both now and in the future through both your quality of living after the work is done and the sale or rental value of the property later on. Once you get past the £10,000 or possibly £15,000 loan requirement the realistic options are either a homeowner secured loan or a remortgage. These both offer wider payment terms from 5 to 25 years, are available to people with good, fair or even challenged credit and enable you to raise from just £5,000 to £750,000 for virtually any purpose. (Reference source: www.firstchoicefinance.co.uk)