Things to think about when you’re refurbishing your home
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Renovation projects not only allow you to inject personality and character into your home, they also allow you to create a space that will provide you with a sound financial investment for the future. You definitely do not want to be out of pocket by the end of it!
Despite thoroughly planning every stage of your refurbishment project, costs can quickly spiral out of control if they are not managed effectively. It’s often the case that we haven’t planned for unforeseeable expenses or additional work that needs carried out.
Although refurbishing your home can provide a significant return on investment, actually sourcing and accumulating the funds to carry out the work can put substantial strain on any relationship. It’s definitely a time of compromise when it comes to cutting back on luxuries such as clothing, meals out and holidays! How will this impact on your relationship andare you ready?
After all, one of the major factors in a successful relationship is financial compatibility. It’s proven that money is the number one thing that couples fight about. If you and your partner seem to be disagreeing on financial issues, it might be worth checking out a light hearted money and relationship guide such as the Experian money and relationships guide which will provide plenty of dos and don’ts, as well as advice and guidance on how to deal with joint financial matters.
Everyone wants a beautiful home and everyone wants it straight away. Unfortunately life doesn’t work that way. Sometimes we can’t always get what we want immediately, and if your budget doesn’t cover the work you need completing, then you may need to consider saving or alternatively think about whether you need to take out credit in order to cover the shortfall.
When completing any refurbishment project, there’s always a light at the end of the tunnel, but it pays massively to assess your monthly income before committing to large projects. Will your budget cover all of the work that needs done? If not, how will you source the additional income needed to complete the project? And will you and your partner even qualify for a loan or credit card if required?
Looking at your credit report online using one of the many services available such as Experian, will allow you to gain an insight into both your and your partner’s credit history and credit score. Once you have accessed your Experian Credit Score (or your chosen site’s alternative) you will be able to gauge how lenders may view your applications for credit, if you decide you need it.
You don’t want to be left with your home resembling a building site because you failed to prepare for every eventuality. Here are a few things that might be worth considering before refurbishing your home.
Renovation projects vary in size and scale. Whether you’re about to embark on a small or major refurbishment project, it’s vital that you plan how you will deal with the impact it will inevitably have on your everyday life.
Like all renovation work, refurbishment will cause some level of disruption in your home, depending on the work involved in the project. So it’s important that you plan how you will deal with the realisation that you may be left without power or water for long periods of time.
How will you accommodate dangerous machinery left in your home as well as increased noise levels? It might be the case that you have to rent a property during this transitional period, especially if you have small children.
Funding the project
The majority of renovation projects require specialist skills, big budgets and most of the time, the patience of a saint!
It’s probably one of the most self-fulfilling experiences you will go through as a couple, but getting there can sometimes push your relationship to the limit. With money worries being the number one cause of tension and strain on a relationship, it’s important that you are both in a financially sound position to fund the project. Taking the Experian relationship quiz can be a great way to understand where you and your partner are in terms of finances.
Having a tight control of your finances throughout the renovation process is vital. Before undertaking any work, you need to sit down and complete a thorough financial plan that allows for any unexpected expenses. Can you afford the job in hand? Will you need to source extra funding? If extra funding is required, will you qualify for credit?
If, for example, one of you has a less than perfect credit history, this might affect your chances of securing credit at the best rates. When discussing your financial past, it is vital that you are both honest in order to manage both of your hopes and aspirations.