Looking to renovate your home? Here’s how to pay for it

Since the onset of the coronavirus pandemic, we have all been spending a lot more time at home. This newfound time in your house may have inspired you to make some changes around the house, such as a basement remodel or turning that spare room into a home office for your remote work. Renovating your home can be a major project, and there are a variety of ways to pay for it. Whether you are doing something as simple as a kitchen or bathroom remodel, or something major like changing your home’s appearance or adding an extension, these projects can become quite expensive. There are many ways to pay for these projects, such as cash, a credit card, or a loan.

The best and cheapest way to pay for anything, especially renovations, is cold, hard, cash. If you don’t have enough savings to complete your project, and can afford to wait until you do, there’s no better time to start than now. Start improving your bank balance by setting aside a certain amount of money each time you get paid. …

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The nonsense of VAT reclaims for ending the black market

One of the property concessions in budget 2014 was the ‘home renovation incentive scheme’. This is intended to allow people to get the VAT back on construction work done where the spend is over €5,000 and below €30,000.

While this is viewed as a ‘construction stimulus’ it is in fact a ‘black market disrupter’ which will run from the 1st of January 2014 to the 31st of December 2015. The reclaim will be valued at between €675 and €4,050 and will be given in the two years following the year the work is done, you also must be LPT compliant in order to avail of it.

So think it through, you will pay a certain amount of VAT on top of a job (or more appropriately the builder will charge you that) and over the two years after it you get it back in two tranches.

We have to make a few assumptions here, the first is that the cost of VAT on top of work is a deterrent from purchasing a service like construction, as VAT is an end …

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