saving for renovations

pavillion1 · 2022-12-26T21:00:44+00:00

Anyone want to join me in a saving thread for house renovations... just bought our forever home but it needs work top to bottom ... structural work needs doing so builder has advised not to do anything else until that is done . We need 30k to get big bit done then we can tackle the other bits pay check to pay check ... currently in the pot 2k 😩🤪

RidingMyBike · 26/12/2022 21:06

Don't forget some contingency money too - inevitably doing work unearths something else that needs dealing with at the time.

We'll be joining soon - currently burning through savings, equity from old house and a remortgage to get a renovation done as far as we can afford. Then we start saving up again!

Good luck!

good96 · 26/12/2022 21:58

Would you not consider getting a loan just to get the work done and then pay this off monthly with what you save. Your bank should be able to facilitate this.
You get the work done quicker and you’re committed to pay back then.

Original poster

pavillion1 · 26/12/2022 22:23

RidingMyBike · 26/12/2022 21:06

Don't forget some contingency money too - inevitably doing work unearths something else that needs dealing with at the time.

We'll be joining soon - currently burning through savings, equity from old house and a remortgage to get a renovation done as far as we can afford. Then we start saving up again!

Good luck!

yep already included in the quote .. hope to see you back here soon .. good luck with your reno

OP posts:

Original poster

pavillion1 · 26/12/2022 22:24

good96 · 26/12/2022 21:58

Would you not consider getting a loan just to get the work done and then pay this off monthly with what you save. Your bank should be able to facilitate this.
You get the work done quicker and you’re committed to pay back then.

yes considering this but bank will only lend me half of what we need .

OP posts:

good96 · 26/12/2022 22:53

@pavillion1 - Have you tried other lenders?
You may get what you need from elsewhere?

Diyextension · 27/12/2022 01:02

You don’t need a contingency if your just doing work as you go along…… as you’ll never know how much it’s going to cost till it’s all done….. it could be years away and the price of things changes along the way,not to mention all the changes that you make. It’s impossible to budget.

RidingMyBike · 27/12/2022 09:11

You do need a contingency though - we planned work on one particular room, and partway through discovered there had been a leak into the wall on one side from next door and the previous owner hadn't put in a damp proof course under the floor. Both of which needed rectifying for work to continue, which added to the cost.

Original poster

pavillion1 · 27/12/2022 12:02

good96 · 26/12/2022 22:53

@pavillion1 - Have you tried other lenders?
You may get what you need from elsewhere?

no ive not to be honest , i thought if my own bank wont lend the full amount ive got no chance else where 🤷🏻‍♀️ , il look into that when we are ready.

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Soccermumamir · 27/12/2022 13:52

Oh I'll join 🙂 We're currently renovating this house. Nit our forever home, but got us on the ladder lol. We had to fork out for new damp proofing course in the summer and we now need to redecorate. We've had a new roof, boarded out the loft for loft space, new kitchen, new bathroom and redesigned the back garden.
I do want to sell up and move and hoping to do most of the jobs left ourselve.

Diyextension · 27/12/2022 14:11

RidingMyBike · 27/12/2022 09:11

You do need a contingency though - we planned work on one particular room, and partway through discovered there had been a leak into the wall on one side from next door and the previous owner hadn't put in a damp proof course under the floor. Both of which needed rectifying for work to continue, which added to the cost.

The op is planning on doing work “ pay cheque to pay cheque “ so I’m assuming there is no fixed amount to the renovations and if it needs more money that they think , it will just mean more pay checks.

That’s the same as I’ve always done it. It costs what it needs to cost.

bibbif · 27/12/2022 14:21

we have some equity from house move & can save a fair bit but it won't be enough. But anxious of borrowing money in the current climate though!

Original poster

pavillion1 · 27/12/2022 21:36

we are going to try and save as much as possible from now until June .. DP gets a bonus in June then see what we have .. im so impatient i just want to get the bedrooms plastered so i can decorate them but every penny we spend on something tiny it comes out of the big job pot .

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Yemelade · 28/12/2022 00:10

Oh I'd like to join, though coming to the end of our journey here. This was only ever going to be a 5 year house for us to gain equity and get on the ladder, but with interest prices being as they are and building going on near and around us, we've decided to push back another year and do a few more renos. So far, we've redesigned and added in a brand new kitchen, bathroom, new garden, new composite front door and decorated throughout. Also changed radiators through the house. We want to add in a gravel driveway to the side, replace guttering and fascias, add in some fitted storage and add a stair balustrade (currently totally open and very unsafe and I imagine a family looking at this in future would be put off!) We've estimated 7-10k needed with some of it being done by us, and I also have some debts I plan to pay off this year.