How To Financially Plan A Cottage Restoration
Cottages are quaint, unique, and precious properties that are held near and dear, in many people’s hearts. They become part of the landscape, icons of villages, and fantastically cozy places to live. Because they utilize older designs and materials, taking care of them can become a challenge. If you own a cottage and want to renovate and or restore your home to its former glory, you need to make a feasible financial plan. It will include the things you plan on doing, the budget you have mapped out, and what kind of return on investment (ROI) you are expecting. Involve different types of experts, so you have the backing of professionals and this will increase your chances of finding the funds you need.
What needs to be done
Planning your budget can only occur after you have identified what you need to restore. Go around each room and make a list of the things you need money to repair. How are the individual floorboards? Do you need to replace a support beam? Maybe your backsplash tiles need to be taken off and completely fitted with new ones. Do you have a water leak in the piping that’s in the walls? Do you have any cracks in the ceiling? What about your doors, do the frames need to be sanded down and repainted? What kind of professional services might you need? Landscaping, flood damage prevention measures, and replacing loose roof tiles are some of the things you will need to list. To help you both keep within the budget and decide which contractor to use for each job, use a site that can estimate job costs, such as PriceYourJob to find the most cost-effective solutions.
Call in a Surveyor
A surveyor should be called in to inspect the home and see if they can confirm your suspicions and worries. It might be that they recommend replacing all the tiles on your roof. They will also state the reason for recommending so, such as a danger to passersby or a weakening in the structural integrity caused by the tiles not being rainwater resistant, etc. A surveyor’s report will also back up your financial needs, whether you’re going to a loan company or bank.
A Great Financial Option
Your restoration project might be extensive, and it could add a tremendous amount of value to your cottage. Speak with Altrua, who has cottage mortgage financing. They provide the lowest interest rates, which help you purchase or renovate your property at the least long-term expense to yourself.
There are some approval rules for receiving cottage mortgage financing. A type-A cottage will have a full foundation, be fully winterized, be accessible by a plowed road all year round, be located in an area with good resale ability, and the property is in good condition. A more rustic type-B cottage will have fewer standards but will need to have a full foundation, winterproof, and don’t need year-round access.
Contact a Realtor
You may find that calling a realtor to assess the property’s potential for a rise in price could help your case with a mortgage lender. Showing them the plans you have and the restorations you will make allows them to predict any increase in the value of the property. Cottages are valued more on their location than normal family homes. This is because cottages are seen as rural properties, and customers who look for such homes want to have peace and quiet, as well as privacy. They also make for brilliant holiday homes, and the rich want cottages that will give them a unique country lifestyle experience. A real estate agent will know what is trending in the real estate industry and give you tips on what you could do to make the property more appealing. So before you begin your restoration project, speak with an agent, and try to make the cottage a property wealthier clients would be interested in.
In time, under budget
Having a great plan is half the battle, and the other side is actually doing the restoration. Therefore, you need to take your time to hire the best tradesman your money can buy. You don’t want the project itself to cost more than the ROI, or else it would defeat its purpose. Speak with construction companies who have a history of working on cottages, making sure they know how to protect the home’s integrity and take care of the older materials that have been used. The restoration should be on time and under budget if possible.
Cottages are fantastic properties, but they do need regular maintenance. Restorations are big projects and don’t come cheap, but this is honestly the best way to fund your needs. When you can show lenders that you have thought the entire project through, they will be more likely to give you a good deal i.e. a low interest rate.
