Financing options for different types of home improvements


Covering the costs of renovations can be a headache. Even if you are in a strong enough position to qualify for a loan, it is not easy to know which option to choose.

Precisely where the input of an independent broker can be invaluable, helping you understand what is on offer to find the best deal suited to your needs.

Generally speaking, making the right choice means determining the cost of renovations. After which, it becomes much easier to choose a suitable financing solution for your project.

Here are some ways in which home renovations of different types can be financed with affordable financial products:

Interior paint – Under £ 500

Repainting the interior of your entire house will cost you no more than £ 500. You can even hire a professional to do the job for less, saving time and energy.

Small home improvements like these can be financed with a low interest credit card. You can even apply for a new credit card and get a 0% introductory rate as a new customer.

Upgrade to New Windows and Doors – Up to £ 5,000

Switching to double or triple glazing is highly recommended in an era of unprecedented energy prices. Research has shown that improving the energy efficiency of windows and doors in the home can lead to annual energy savings of up to £ 175. In the long term, it is an investment in comfort and energy efficiency that can pay off.

In the meantime, a personal loan taken out over 2 to 5 years is a good way to finance the project. Personal loan APRs are still incredibly low, especially for applicants with excellent credit scores.

New kitchen fit-out – £ 6,000 +

This is another home improvement that can make a major contribution to the market value of your property. Often well in excess of the total project costs, adding up to 6% to the selling price of your home.

Raising this kind of money in the meantime is possible through an unsecured personal loan or a loan secured against your home. A a short-term bridging loan could also be considered if you can afford it and if you plan to sell your home soon after the project ends.

Loft conversions – £ 10,000 +

Depending on the size and configuration of your loft, its conversion can cost anywhere from £ 10,000 to over £ 40,000. On the plus side, adding extra living space to your home could increase its market value by over 10%.

A homeowner’s loan can be particularly useful in raising this type of money; it is a specialized secured loan exclusively for homeowners. One that is generally available with a more competitive APR than any other comparable personal loan.

Structural Extensions – £ 10,000 to £ 50,000 +

Expanding a property to create additional space is truly the ultimate home improvement, which can cost anything depending on the configuration and complexity of the extension.

Guaranteed loans or full package development finance is the preferred option for most homeowners planning a major expansion works. A homeowner’s loan could be what you need, or perhaps an extension of your mortgage to raise the necessary funds.

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