Tips for Funding Your Home Renovations
30 Nov 2021
If lockdown has left you all too aware of the renovations you need to make, we've got some tips to help you get the ball rolling.Whether you need an extension or you’re renovating rooms throughout the house, you’re also going to need to know how much they cost. From figuring out if you need planning permission right through to your interior design, you need to know what you want to get out of the project, to know how much to put into it.
First things first: do your research. Before you can go looking for the money to pay for improvements, you need to know exactly how much it will cost to cover your renovations from start to finish, from drawing up plans to adding the finishing touches.
At this stage, you should find out if planning permission is necessary for your project and, if it is, what extra costs this will involve. Your local planning authority's website should be able to help you with this. You should also talk to an architect or a building engineer, to get an idea of what the total costs will look like and to set a realistic budget.
Think about the long run. While aesthetic improvements appeal to the senses, a renovation that improves your Building Energy Rating (BER) could be a lot more beneficial for the environment and your pocket.
In aiming for a BER rate of A1 to B3, you’re making your home that bit more energy efficient through insulation, solar panels or double/triple glazed windows. With a few changes, you can save on electricity bills and improve your eligibility for green grants, loans and mortgages, including AIB’s Green Mortgage from a rate of just 2.1%.
Are you eligible for any grants? A crucial tool to ensuring cost efficiency on your project is to see if your planned renovations meet the criteria of certain home energy grants. With a range of fully or partially funded SEAI packages available, click HERE to see if you qualify and make your project as sustainable as possible.
Finally, have you considered an AIB top-up mortgage? If you have a mortgage with AIB already, you could pay for home improvements by borrowing against the value of your home. An AIB top-up mortgage offers low interest rates which can be spread over a long repayment period, while leaving your existing mortgage unchanged. It is important to keep in mind, that while monthly repayments may be lower, the overall cost of credit may be higher than other finance options. Consider all your options carefully. If you are not an AIB customer find out more about switching your mortgage here.
Could this be the sign you needed? If you’ve been putting things off for lack of finances, AIB mortgage advisors are on hand to guide you through the journey from the get-go. To find out more about top-up mortgages, check out AIB’s top-up mortgage brochure, drop into a branch or give them a call on 0818 244 425.
Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank u.c. in relation to the origination and servicing of mortgage loans and mortgages. Allied Irish Banks, p.l.c. and AIB Mortgage Bank u.c. are regulated by the Central Bank of Ireland.
For regulatory information, please see here.