Planning a home renovation? Here's everything you need to know
WHILE HOME RENOVATIONS are often a great source of excitement, we all know that such a major financial outlay is never a decision to be taken lightly.
We want to get the most out of our homes, whether that means an extension, an attic conversion, or transforming any of the rooms where we spend so much of our quality time. If you're currently considering putting a significant chunk of money towards a home renovation, you'll know that there are plenty of factors to consider before you feel comfortable with your decision.
One way to go about financing home renovations is with an An Post Money Home Improvement Loan, which offers customers Ireland's best fixed rate on loans from €20k-€30k*.
Paul Merriman, the financial advisor behind
Ask Paul
, also has some essential tips for how you can finance your dream home while maintaining healthy spending and budgeting habits.
Financial advisor Paul Merriman
What is the smartest way to go about budgeting for home improvement, such as renovations?
Start with your 'must-haves' and 'nice-to-haves.' Be realistic about what your budget will actually cover. That means getting
at least three quotes
and factoring in hidden costs like skips and permits. Always build in a contingency buffer of at least 10–15%. Don't make guesses: use a proper budgeting spreadsheet or app that breaks down materials, labour, and timelines. If it doesn't fit on paper, then it won't work in reality.
What are the advantages of a Home Improvement Loan from An Post Money, compared to a loan from a bank or credit union?
An Post Money Home Improvement Loans are unsecured personal loans, meaning you don't need to put up your home as security like a remortgage might. They're also very transparent with fixed rates, making it easier to budget your repayments.
Plus, the application process is simple and fast, ideal if you've got contractors lined up. It's peace of mind without the red tape.
What are the pitfalls that homeowners need to be most wary of when paying money for significant work being done on the house?
Scope creep is a killer. That's when you start off replacing the kitchen cabinets and suddenly you're rewiring the whole house.
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Also, beware of not having a written contract. It should clearly outline costs, timelines, and payment terms. Never pay large amounts upfront.
What sort of questions should homeowners be asking themselves before seeking a loan for doing up the house?
Is this renovation adding value or just adding cost?
Can I realistically afford the repayments over the full loan term?
Will this work improve how I live in the home every day?
Have I explored all options like savings, grants, supports?
Am I taking on debt for lifestyle reasons or actual home improvement?
How can our readers keep their budget on track during a big home renovation? What tracking methods?
Use a simple Excel or Google Sheet tracker and log every expense, no matter how small. Group them by category (materials, labour, tools, fees). Review weekly and cross-check against your original budget.
Is it easy to find out how much more my house will be worth after the works are completed?
Talk to a local estate agent before you begin. They'll give you a ballpark figure on what similar upgraded homes in your area are selling for. Focus on kitchens, bathrooms, energy upgrades, and extra living space as these tend to give the best return.
Remember, some works are about lifestyle value not resale value, and that's okay too, if it makes your home work better for you.
Is there a best practice when it comes to paying contractors?
Yes, always agree a payment schedule in writing before any work starts. Typical stages are deposit (no more than 10%), mid-point payment(s), and final payment after work is completed and snagged.
Avoid cash payments where possible. Use a bank transfer or card for traceability. And don't pay the final instalment until you're 100% satisfied. That's your leverage if anything needs fixing.
Enjoy Ireland's best fixed rate on Personal Loans from €20k-€30k with An Post Money*.
*Information correct as of 14 May, 2025 (source CCPC.ie, excluding green loans). Lending criteria T&Cs apply. Rate is dependent on your financial profile and credit history.
An Post acts as a credit intermediary on behalf of Bankinter S.A., who provide loan and credit card services and facilities. An Post trading as An Post Money is authorised as a credit intermediary by the CCPC.
Bankinter S.A., trading as Avant Money, is authorised by the Banco de España in Spain and is regulated by the Central Bank of Ireland for conduct of business rules.
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Planning a home renovation? Here's everything you need to know
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