09 Dec 2021
Posted in: Mortgage Master
We’re spending a lot more time within our own four walls these days, and working from home might have you re-evaluating how you use your space, or the amount of it you need! The longer we live in a home, staring at that crack in the wall, the more possibilities for improving it we tend to see.
Does the need for a home office that is an upgrade from your kitchen table set-up have you thinking of transforming the garage, or is it time to extend and create a brighter space? The addition of light does wonderful things for the mind. Just think about how much happier we all are when the sun comes out for one of its occasional visits! If the answer is yes, the first two questions that tend to follow are how much will it cost and how will I fund it?
First off, asking a question like ‘how much will the work cost?’ is a bit like asking ‘how long is a piece of string?’ Your home will be completely individual to you, so before you do anything like talking to an architect, designer or builder, you need to be quite clear in your head about what you want – and what you can afford. While you may want Carrara marble tiling, and copper fittings everywhere, before getting blindsided by Pinterest you’ll need to ask yourself what are the chances you can afford it?
Know what you have to spend and be realistic with your budget. Weigh up your needs versus wants, and do a lot of research so that when the time comes to talk to a professional, you’ll be on the ball. We’ve all seen the home improvement shows where surprises inevitably come up during the build, so think of holding about 10% of your budget back as a contingency just in case!
For any major renovation work or extensions, you’ll need a formal estimate from your architect. Your architect will also be able to advise as to whether you need to apply for planning permission and will help with the process to gain approval. After you get any detailed construction drawings from your architect, you should get them priced by a quantity surveyor, and you’ll want to chat with a few different builders to get estimates.
When selecting your home transformation team, make sure that you’re that getting certified professionals on board, you’ll save a lot of heartache in the long-run by making sure that tricky building regulations are being properly met. It’s always a good idea to put the feelers out there and ask friends, family and colleagues for their recommendations when picking an architect or builder and check out as much of their previous work as possible.
If you’re looking to make your home more energy efficient with a BER rating of A1 to B3, do check out what types of grants are available for the work you have in mind and you could be pleasantly surprised with the savings. You can check out the Sustainable Energy Association of Ireland’s (SEAI) website www.seai.ie as a helpful source of information.
So… are you thinking of transforming your home into your dream one? With an EBS mortgage, you can use the equity in your home to pay for your home improvement plans. Known as a Top-up Mortgage, it is a way of borrowing money against the value of your home to pay for that kitchen remodel or creating that extra bit of space that you need.
Our EBS Mortgage Masters are here to help explain how this Top-up Mortgage works and to help you through the journey. They’ve been through it all before and are experts at this stage, so ask them to call you back or visit your local EBS Mortgage Master in branch and start the conversation today. If you’re looking for a little more information before getting started, please read our brochure on the EBS Top-up Mortgage.
EBS d.a.c. is regulated by the Central Bank of Ireland.
The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice and not seek to rely on the information in this blog which does not constitute any form of advice by EBS d.a.c.