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4 Aspects to Keep in Mind While Planning Your Home Improvement/Renovation

Home improvements make our houses more beautiful and functional. Whether it is adding more space in the kitchen, knocking down a wall or changing the flooring, we want our homes to match our ideas of the perfect house.

Well, dreaming about the perfect house is one thing and remodeling it is another beast altogether. Here are some aspects to keep in mind while doing improvements to your home.

Have a budget in mind

Be clear about what you want, so you can design and budget accordingly. In fact, budgeting is the most critical and difficult part of any renovation. It’s best you have an upper limit in mind and plan your design based on your budget. Also, include a contingency fund to handle any unexpected costs.

If you’re on a tight budget, consider doing many tasks yourself, as it can save you money and can even involve the entire family. Of course, you should also know what tasks are safe for you to handle and what should be left to professionals, especially if you’re planning a major renovation.

Plan well

Before deciding on remodels, have a clear plan in place. What changes do you want to make? ? Is it to boost the resale value of your house or is it to make it more comfortable for your living? Getting the answers to these questions can make your job easy.

In addition, take clips and photos of the different homes that you like. Collate them together and decide the changes you want to make.

Get rid of clutter

Remodeling is the best time to de-clutter your home. Make a list of the things you have and see if you really need them. A ground rule is, if you haven’t used something in the past year, it’s time to find a different home for it.

You can consider sending these items, if they are in good condition, to your friends or relatives. Check with them first before you send it though. Alternately, you can also donate your things to charities.

Let distance not be a barrier when you want to send items to the right people. Many courier services like , are cheap and convenient. They can deliver your items to any place, so you don’t have to take the extra effort to deliver them yourself.

Keep your expectations realistic

Remodeling a house is anything, but easy. You’ll need a to survive this chaos. For example, if you’re remodeling your kitchen, you need to set up a working kitchen elsewhere, preferably a place with a sink such as a utility room. Likewise, come up with alternative areas, depending on what part of the house you’re remodeling.

Above everything, have a sense of humor to see through this phase.

In short, remodeling a house is a difficult process, but the end result is sure to be sweet and satisfactory. The above-mentioned aspects can go a long way in reducing the chaos and inconvenience that come with doing home improvements. 

Source

http://realtytimes.com/advicefromtheexpert/item/1017560-4-aspects-to-keep-in-mind-while-planning-your-home-improvement-renovation?rtmpage=writeway

UK home improvement chain Homebase sold to Hilco for nominal sum by Wesfarmers Limited

Wesfarmers did not disclose a price for the disposal but said the UK exit would bring an up to £230mln loss this year

Homebase store

The group paid £396mln for Homebase in 2016 and then launched a US$700mln rebranding under its Bunnings chain

UK home improvement chain Homebase is being sold for a nominal sum by Wesfarmers () just two years after the Australian retail conglomerate bought the business.

The owner of Australia’s No. 2 supermarket Coles, Kmart and Target said turnaround specialist Hilco will buy its 255-store UK DIY chain, ending an offshore adventure that cost it around US$1bn.

Wesfarmers did not disclose a price for the disposal but said the UK exit would bring an up to £230mln loss this year.

The group paid £396mln for Homebase in 2016 and then launched a US$700mln rebranding under its Bunnings chain.

But Wesfarmers booked a US$1bn write-off for the business this year, admitting it bungled the takeover with basic errors like failing to stock its stores for the chilly UK winter.

Reuters reported that Wesfarmers CEO Rob Scott said on a media call that the UK market proved to be “very competitive (and) the macro and the retail conditions in the UK are quite challenging”.

The move comes a day after PLC (), owner of the UK’s biggest home improvements chain B&Q, said it had a challenging start to the year as poor weather and a difficult UK retail market hurt first quarter sales.

The FTSE 100 listed firm – which also owns Screwfix in the UK and Castorama in France –  reported total sales of £2.83bn for the three months to April 30, a 1.2% decline on a reported basis or 2.5% fall at constant currency.

The goal is to have 70 stores by the end of 2018 and 100 by 2020

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Source

http://proactiveinvestors.co.uk/companies/news/197689/uk-home-improvement-chain-homebase-sold-to-hilco-for-nominal-sum-by-wesfarmers-197689.html

How to Choose the Best Home Improvement Loan

Home improvement loans are not as big as the loans for a full home construction or purchase. However, this does not mean you can be lax in evaluating your loan options. You still have to carefully look for the best loan option to get.

Do a careful comparison of your options

Make sure you look for as many options as possible. Don’t limit your home improvement loan choices to a few lenders. As you sort your choices, evaluate them according to the following.

  • Loan amounts. Of course. you want a loan from a lender that can grant the amount you need. Examine the minimum and maximum amounts that can be obtained. Loan packages that don’t meet the amount you expect should be automatically removed from the choices.
  • The term of a loan is the amount of time it will have to be paid back over. A longer term usually means lower amortization but higher overall interest. Inversely, a shorter term implies higher monthly payments but lower interest. When comparing loans, you have to meticulously evaluate the effect of the term on specific loans. Don’t expect this to be the same for loans from different lenders. Some may have a wider overall cost of borrowing gap (particularly the difference in interest when the loan is set at different terms) than others.
  • Home improvement loans can be secured or unsecured. Unsecured loans are of course preferable but if you want to get a higher amount, you may have to present collateral. Obviously, the ideal home improvement loan does not require collateral.

Ensure that it fits your financial capacity

In choosing a home improvement loan, you can’t just focus on which one has the highest loan amount and LTV ratio, lowest representative APR, and most advantageous terms. You also have to make sure that it matches your ability to pay. Sometimes, lenders may evaluate you to be capable enough of paying the loan you want to get but in reality, it may not be the case. Ascertain that you can meet the financial obligations that come with the loan you intend to get.

A little note, if you can pay off a loan faster, try to do it. Don’t wait for the loan to reach the full term if you can already pay it off. In many cases, the total cost of borrowing will be reduced if you pay the loan earlier. You can also avoid extra charges if you pay your loan on or before the payment schedule.

To sum it all up, the best home improvement loan to choose is one that has the lowest interest and overall cost of borrowing has a manageable monthly amortization and is preferably unsecured. It is also advantageous if the lender of the loan you are getting is willing to give you a generous grace period in case you are unable to pay the loan on time. You can ask about this “generosity” from those who have already tried getting a loan from the lenders you are considering.

Source

http://realtytimes.com/listings/item/1017536-how-to-choose-the-best-home-improvement-loan?rtmpage=sophieholy