Today – your dream home budget
Everyone has an idea of what their perfect house would be like. Perhaps you love your current home but just wish you had an extra bedroom and more entertainment space, or maybe you live in your dream location, but your house isn’t quite living up to the mark. Whatever your current situation, there is no need to move home to find the house of your dreams when you can renovate your current home to make it into everything you’ve ever wanted.
Your dream home budget
Of course, no matter what you decide to do, there are many financial elements to consider: so, to help you out, here are some important points to take into account when budgeting for your dream home.
The scale of your renovation
The first thing to consider when deciding on your budget is determining the scale of your renovation. If you’re just looking to build a simple, small ground floor extension (such as a conservatory), then your budget would be considerably lower than if you were planning a larger multi-story addition. When planning out your renovation, it is often better to start smaller and work your way out as needed, as it is always easy to find ways to fill space unnecessarily; after all, just making a few smaller adjustments will make a huge difference to the way in which your home is used.
Accounting for specialist features
You can save money by making smart choices for affordable materials. However, you may prefer to have higher upfront costs, which will allow you to save money over time. For example, adding more effective insulation and using higher quality materials will increase the durability of your home, and decrease some of your utility costs. If you would like to have a higher quality finish for your home design, then you also might want to consider specialist features such as Smart Lighting, which allows you to control your lighting remotely or via pre-programmed settings.
Financing your renovation
Unless you already have the financial means to afford a renovation, then you might want to consider getting a loan. There are lots of different types of short-term loans you can take out, from equity release to crowdfunding methods; alternatively, you may want to consider The Money Hub bridging finance. Whereas the process of applying for a mortgage can be lengthy and the loan is assessed on your income, a bridging loan is normally assessed on the value of your property and is often much shorter term than a mortgage. This allows you to borrow the necessary money you need until a longer-term arrangement can be made, or the loan can be cleared.
Accounting for a project manager
You may also want to include the cost of a project manager into your home renovation budget, as this could make a huge difference to your renovation experience. A project manager can ensure that you stick to the schedule and will be able to find ways to make your renovations meet your standards while also using the most cost-effective materials and labourers.
I do hope you have found this post on your dream home budget to be useful – you might also like my post on emotionally intelligent budgeting