1. Plan Carefully - Know what you want to achieve:
When starting a renovation project regardless how big or small know what your objective is. Do you want a warmer home, more light coming in, a more manageable garden or more storage space? So don’t think about the product that you have to purchase rather think about the problems that you need to solve.
You will then be able to take into account all the work that you need rather than just deciding that “I need French doors for more light”. By taking a whole view approach, you might decide that the garden needs improving (a paving area in front of the patio door) and that outside lightening would allow you use the garden more on balmy evenings.
You don’t often get opportunities to do a large renovation job so make sure you think things through before you start.
Here in your Credit Union a €5,000 Home Improvement Loan will cost you less than €25 per week over 5 years - Loan Protection Insurance at no extra cost.
Our Loan Calculator here will give you an idea of the cost of repaying for the work undertaken
2. Secure Financing and know what you can afford to spend:
Budget, Budget, budget and stick to it. Work out how much you will need to spend on your project and ensure that you arrange the finance before you begin your project. Build in a contingency amount of between 5% and 10% of the budget in case of unforeseen problems. Remember your budget is the maximum amount available to spend not a target to aim for and what is left ( if you are borrowing) should be paid off the principle immediately the project is completed. This is not free money to spend on weekends away etc.
3. Use the Home Improvement Incentives and Grants available:
Make sure you use the grants and government incentives that are available to you, don’t ever look a gift horse in the mouth!! Remember your garden landscaping and driveways are covered under the HRI scheme.
Home Renovation Incentive (HRI) Scheme: Claim up to €4,050 back in tax. In order to qualify for the HRI, the work must be done between 25 October 2013 and 31 December 2018 for homeowners and between 15 October 2014 and 31 December 2018 for landlords. See our News Article here on this
Kitchens or built in storage are treated a bit strange - if you employ a builder who supplies and fits the kitchen, you can claim the 13.5% back, but only if the kitchen itself does not exceed 2/3 of the price of the work. Anything charged at 23% vat cannot be claimed back so often it might pay to let the builder buy and charge you the vat on them
SEAI - Better Energy Homes: This scheme provides grants to homeowners who invest in energy efficiency improvements in one or more of the following areas: Roof Insulation, Wall Insulation, Installation of a Gas or Oil fired Boiler, Heating Control Upgrades and Solar panels. Check out the details here
Warmer Homes Scheme (WHS): This scheme aims to improve the energy efficiency and comfort of your home at no cost to you as long as you own it , if it is built pre 2006 and the owner is in receipt of one of the following ; Fuel Allowance , Job Seekers for over 6 months and children under 7, FIS or in receipt of the “One Parent Family”. Check out details here
Remember your Credit Union can help you with the non-grant part at a very competitive interest rate - Click here to see how
4. Check that you have the appropriate planning permissions:
If you your home improvement project is under 40 sq. metres (430 sq. feet) so this is basically an area 20ft by 20ft, you will generally be exempt from applying for planning permission. There are certain height restrictions too so check with the local planning office in cork before you begin. You can find their details here
Starting work without the right planning can cause all sorts of problems such as large fines , reinstatement or problems when it comes to selling your house later, so get it right at the start.
If the project is going to be very large, have a chat with the neighbours and tell them what you are proposing, it might save a lot of grief in the future. Once they are kept informed with what is proposed they are less likely to object and could be useful if an entrance has to be shared to bring in supplies etc.
5. Pay an expert - it could save you a lot in the long term:
You might think paying an architect or qualified interior designer is an expense that you can avoid. But if you have a large or complicated project; they could save you a lot of money, estimate the true cost of the project for you and point out things that might not be obvious to you.
Make sure your architect or engineer is registered with their professional body. This will ensure they have the right qualifications, undertake continuous professional development and are up to speed with regulations. Ask to talk to a few of their previous clients and make sure you like the work they have done before you engage them.
Did you know that €10,000 will cost you €50 per week over 5 Years Click for details
6. Make sure you are well insured:
Unfortunately the headlines scream often of massive claims being sought by people who have been injured or suffered damage in some way so make sure to protect yourself and your property when carrying out renovation work. Your architect or engineer should have their own professional indemnity insurance, ask for a copy. Your builder or contractor should be covered for public liability, employer’s insurance and contractor’s all-risk insurance. Please request a copy of this also and keep it in your building file.
If you are carrying out a self-build project with you as the project manager then you should take out self-build insurance. Check out McCarthy Insurance here - a local broker for a quote
With larger projects it gets a bit more complicated so it is best to refer to the Health and Safety Authority’s advice. See details here
7. Get stuck in yourself:
If you are a competent person it might be worth your while to attempt the handier DIY jobs but recognise your limitations and call in the experts for the bigger jobs.
But where you might be able to get stuck in is where you can clear the area, filling the skip, tearing down old presses and kitchens etc. and taking out carpets, tiles and bathroom ware and generally getting the area ready for the contractor. This will save you money as long you have agreed with the contractor beforehand.
One way of speeding up the job is to have all materials ready on site, a clean safe area to work in and tidy up after the tradesmen and have the project ready for the next trade. This is a good time to mention that when hiring tradespeople, don’t hire them by the hour but by the job.
E.g. a painter should give you a much better price if you have the room cleaned out and all walls washed and cleaned before they arrive and if you say that you will reinstate the room yourself - try and see what the difference in price will be.
8. Make Quality your baseline …. But remember the budget
Second-hand or showroom samples might work for you if you are lucky but it takes legwork. By looking around and putting in the legwork you should be able to get high quality pieces that you might never be able to afford in the ordinary scheme of things (- the budget , remember the budget)
Don’t go for cheap materials they will not last and will cheapen the overall look of your project, for example cheap doors or units in the kitchen are a false economy. This is the same with cheap paint as it will look cheap and you will not be satisfied with a cheap looking finish - ensure that you budget and plan your finances from the outset.
Stick to standard sizes as anything that is made to measure will end up costing you a lot more. Don’t forget to shop local, talk to local craftspeople and furniture shops in the area , the should give you a good deal especially if you have your homework done before you start looking for a quote. Get your list together and see if you can get a discount for a large order.
Toss Bryans, McMahons and Dairygold are just 3 local businesses that have a large selection of home improvement material see here
9. Prepare a plan: A Financial one and one for the Project
Before you have secured the finance you will have decided on what you can afford to spend and what you can afford to repay. This budget is very important as if you go over it, you might find yourself using emergency forms of credit such as credit cards that can prove to be very expensive with interest rates as high as 22%. Use our loan Calculator here to see what repayments are affordable to you; e.g. €5,000 will cost you €25 per week over 5 Years
With a big project where you are hiring a builder or a contractor , it makes good sense to draw up a detailed tender so that when you are shopping around for the right person at the right person that you are comparing “like with like” . It is very hard to get a fair quote from contractors unless the schedule of works is detailed, include detail such as floor finishing, painting and tiling. This detailed tender will also help you control costs as the project moves along and means that you can adjust things if it the project is going over budget.
Best of luck with all your Home Improvement Projects and remember to utilise all grants available
