Set a budget
Be realistic with your budget and know what you have to spend. Consider including a contingency of 10% of the cost in case of any surprises once the work gets underway.
Hire qualified and experienced professionals
Get certified professionals on board to design, build and supervise your project so that it satisfies building regulations. Pick an architect and a builder from recommendations. Check out their work and look at other houses in the area.
Are you eligible for government grants?
Check if any grants are available for the type of work you’re planning. This could help save you money on installation costs and reduce energy bills over time. The Sustainable Energy Association of Ireland (SEAI) is a good source of information.
Check out AIB Green Living: Home. Here you’ll find plenty on how to make your home warmer, more cost effective and environmentally friendly.
Will you need planning permission?
Your architect will be able to advise if planning permission is needed. If it does, you’ll need both the full and final planning approval for the ‘grant of permission’ before starting the work and getting a formal loan offer from us. We will need to see the letter you received that lists any conditions to the planning.
The paperwork
If we give you the loan in stages we will ask you for certain documents for the build so we can release each payment. Your architect, engineer or building surveyor will help you complete these documents. They are familiar with this process and your AIB mortgage adviser will always be on hand to help.
What other finance options are available?
You might be able to finance your home renovation plans with a Top-up mortgage or a personal loan. Calculate and compare your finance options and discover how we can support you.
Other things to consider
You may need a solicitor to witness some documents when applying for a top-up mortgage loan.
If you choose a top-up mortgage loan, your life assurance may be affected. If this is the case, you should review it to make sure it covers the extra amount you borrow. Similarly your home insurance may be affected if you're extending or altering the structure of your home. You should contact your insurers to check if any changes will affect your cover.
You'll need to have your home valued by an AIB approved valuer. Our team will arrange this for you. There is a cost to you of €150 for the initial valuation and €65 for any valuations needed thereafter. Your AIB adviser can tell you when you need to have the valuation done.
If you’re planning energy efficiency improvements to you home you could apply for the AIB Green Mortgage rate once your top up mortgage loan is fully drawn down and you supply us with a valid BER Cert showing us that your home now has a BER rating between A1 and B3. A valid Building Energy Rating (BER) Certificate is required to confirm eligibility. A BER assessor will usually charge about €150 for a BER valuation and certificate.