Are you planning home improvements? Here are some tips for finding the funds
If foreclosure has made you overly aware of the renovations needed in your home, we’ve got a few tips to get you started.
Whether you are building a much-needed extension or renovating rooms throughout your home, knowing the exact costs of your desired home improvement is essential. Whether it’s determining whether you need a building permit or making interior design decisions, you need to know exactly what you want to get out of the project so you know how much to invest in it.
First of all: do your research. Before you can seek the funds, you need to know exactly how much money you will need to cover your renovations from start to finish, from drawing up the plans to finishing.
At this stage, you need to know if a building permit is required for your project and, if so, the additional costs that this will entail. Your local planning authority’s website should be able to help. You should also consult with an architect or building engineer, to get an idea of what the total costs will look like and to set a realistic budget.
Think long term! While cosmetic upgrades appeal to the senses, a renovation that improves your building’s energy rating could be much more beneficial for the environment and your pocket!
By aiming for a BER rate of A1 to B3, you are making your home a little greener through insulation, solar panels or double / triple glazed windows. With a few modifications, you can save on your electricity bills and improve your eligibility for green grants, loans and mortgages, including the AIB Green Mortgage starting at a rate of just 2.1%.
Are you eligible for grants? A crucial tool in ensuring the profitability of your project is to see if your planned renovations meet the criteria for certain home energy grants. With a range of fully or partially funded SEAI packages available, click here to see if you are eligible and make your project as sustainable as possible.
Finally, have you considered an AIB complementary mortgage? If you already have a mortgage with AIB, you can pay for renovations to your home by borrowing against the value of your home. An AIB complementary mortgage offers low interest rates that can be spread over a long repayment period, while leaving your existing mortgage unchanged. It’s important to keep in mind that while monthly repayments may be lower, the overall cost of credit may be higher than other financing options. Carefully consider all of your options. If you are not an AIB customer, find out about converting your mortgage here.
Could this be the sign you needed?
If you’ve delayed things due to lack of funds, AIB’s mortgage advisors are on hand to guide you through the trip from the get-go. For more information on top-up mortgages, see AIB’s top-up mortgage brochure, visit a branch or call 0818 244 425.
Allied Irish Banks, plc is an authorized agent and agent of AIB Mortgage Bank uc in relation to the origination and management of mortgages and mortgages. Allied Irish Banks, plc and AIB Mortgage Bank uc are regulated by the Central Bank of Ireland.