Loans for Home Improvements: Tips for Not Adding to the Cost

Alex Parsons Alex Parsons | Secured Loan Expert

You and your significant other have been eyeing home improvements for some time now. You're finally ready to start comparing loans for home improvements from several local banks and building societies. With any luck, you'll have the cash to begin construction within a couple of weeks. But wait. Have you decided to make your renovations a DIY project? If so, be very careful that you don't fall into some of the common traps capable of adding significantly to the amount of money you spend.

DIY home improvements can be adventurous and a whole lot of fun. Better yet, completing a project certainly gives a homeowner a tremendous sense of satisfaction and accomplishment. But any property can quickly turn into a money pit if home improvements are not well planned and properly executed. Even the most affordable loans for home improvements can become a financial nightmare if construction costs exceed the budget.

Here are some common DIY mistakes to avoid if you want to stay within budget:

1. Damaging Electrics or Plumbing

What lurks behind those walls you're planning to cut into? If you don't know, you could be setting yourself up for a serious problem. Homeowners who don't take the time to locate electric and plumbing are candidates for creating their own DIY disasters at remodelling time.

Are you looking to add a window in order to improve your view of the garden? You had better make sure no plumbing or wiring runs through the space you are about to open up. Are you planning to gut your kitchen so you can install new cupboards and work surfaces? Be sure you know the location of electrics and plumbing before demolition begins.

2. Damaging Flooring and Carpets

Even something as simple as hanging wallpaper or applying a fresh coat of paint can be an expensive proposition if you're not careful. The number one problem people run into in this regard is failing to adequately protect flooring and carpet. Even more frustrating is the fact that the solution is so simple: use dust sheets!

Dust sheets cost next to nothing down at your local DIY store. Yet they can save you a lot of money and frustration if you're painting or hanging wallpaper. Use them to cover your floors, your furniture, and anything else that could be damaged.

3. Altering Heating

Heating should be properly ducted and ventilated for both safety and efficiency. More than one homeowner got into trouble by re-routing ducts and vents incorrectly. Heating is something you should never attempt to tackle in a DIY project unless you are positive you know what you're doing.

4. Injuring Yourself on the Job

Lastly, one of the easiest ways to add to the cost of home improvement is to injure yourself in the process. A carelessly placed ladder, for example, can send you tumbling to the floor, causing an injury that keeps you out of work for months. Then you will not only be short of regular income; you will still be faced with paying off that new home improvement loan you just took out.

Loans for home improvements are just the start of the financial concerns when renovating. Don't be a careless DIY homeowner. Rather, make sure your renovation project is properly planned and executed so that any and all surprises are avoided. You'll wind up with a newly remodelled home that is everything you hoped it would be when you first started shopping for loans.

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