Whether you’re upgrading a kitchen, adding extra living space, improving your home’s energy efficiency, or finally tackling a long-awaited renovation project, careful planning can make all the difference.
Home renovations can be one of the biggest investments a household makes, and while the result is exciting, the process can often feel overwhelming. From budgeting and sourcing materials to finding reputable contractors, there are many factors to consider before work begins.
To help homeowners navigate the renovation process, from initial planning through to securing finance, Fidelma Clarke, Lending Manager at Drogheda Credit Union, has shared her top tips for a successful home renovation project.
1. Research and have a plan in place
Before committing to any work, take time and really know what you want to achieve from the renovation. Having a clear plan in place will help make this process easier, research materials, timelines and costs before getting started so you can have a realistic cost of your project.
2. Check out grants and supports
There are a range of government grants and incentives available for homeowners carrying out renovation and energy-efficiency improvements or retrofits. Speak to the SEAI or find out about local government grants such as the Government’s Home Renovation Initiative and Better Home Energy Scheme for contributions towards your renovations.
3. Set your budget
Be practical, speak with your builder about costs and work from there. Sourcing cheaper materials or compromising or some aspects of your build will ensure you stay within your budget.
4. Speak to a Lending Advisor
Understanding your finance options before work begins can provide valuable peace of mind. Speaking with a lending advisor can help you determine how much you can borrow and identify the loan product best suited to your needs.
5. Get quotes
When sourcing your builder try to get a few quotes to ensure you are getting the best price for the work. The Construction Industry Federation has a register of builders which is a good source of reputable builders. Working with reputable tradespeople can make a significant difference to the success of your project.
Fidelma Clarke, Lending Manager at Drogheda Credit Union continues “Home renovations are often one of the most rewarding investments people make in their homes, but careful planning is essential. We encourage members to explore all their options early, create a realistic budget and seek professional advice where needed. Our team is here to support members throughout their renovation journey and help them access finance that suits their needs.”
As Drogheda Credit Union celebrates 59 years of serving its members and communities, homeowners planning larger renovation projects may also benefit from the credit union’s special anniversary loan promotion. To mark its 59th anniversary, Drogheda Credit Union is offering just 59 loans at a fixed promotional rate of 5.9% APR for loans between €50,000 and €75,000, with terms of up to 10 years, subject to terms & conditions
If you are considering a home renovation project and would like to learn more about Drogheda Credit Union’s lending options, contact the team on 041 983 8496 or visit https://droghedacu.ie/.
*Loans are subject to approval. Terms and Conditions apply.
This article is part of a paid partnership with Drogheda Credit Union.
