After a long search, you have finally found your dream home: that picturesque home from the 1940s that you have been looking for for a long time. Often the outside looks exactly as you imagined, but the inside requires a lot of attention. Time for a renovation! However, this often does not bother us, and our wallets are not always happy with a renovation. How can you keep your home renovation affordable?
A renovation often costs a lot of money, energy and time and can cause considerable stress. Often all our money is already in the new house and we do not have a large pot of money on hand to make the necessary basic adjustments in the house. Yet it is certainly possible to do a renovation in such a way that it remains clear and affordable.
Think first, then act
Where it often goes wrong is that a thorough and clear planning is lacking. When should what be ready, what can you do yourself, what will you outsource and how much do you have to spend. Also request various quotes. It is important to compare offers and not automatically choose the cheapest one. Request quotes on time, because it often takes longer to receive them. It is also useful to request references, so that you know that you are getting a reliable party. Are you going to renovate in an older house? Then put at least ten percent unforeseen costs in your budget.
Mortgage and building fund account
If you are going to renovate a new home, you can include the renovation costs in your mortgage, also known as the renovation mortgage. The mortgage rules are somewhat stricter this year. In 2016, home buyers were still allowed to borrow up to 102 percent of the home value, but that is only 101 percent in 2017. Often that one percent is already badly needed for the costs of the buyer and so little is left to renovate. You can then think of a building fund account. This is an extra pot of money from your mortgage, which you can only use for renovations that increase the value of your home. It is worth taking this up with your mortgage lender, as they will want to know how much your house will be worth in the future. Do not forget to bring the valuation report with your mortgage application.
Do it yourself
Try to do as much as possible yourself, provided you don’t have two left hands. This saves costs. If you are going to renovate your kitchen or bathroom, start looking online for what you need and compare quality and price. For example, if you are planning to completely renovate your bathroom, choose a place where you can get everything and where expert advice is given. Sanitary shop Megadump is such a shop, with a showroom of 1000 m2, where everything in the field of sanitary is available. Bring your planning and drawings with you and explain what you want and what your budget is.
A renovation requires time and attention, but it is more than worth it. Before you know it, your picturesque home from the 1940s has been transformed into a true palace, both outside and inside.