Connect with us

Finance

Funding Options for Different Types of Home Improvements

Funding Options for Different Types of Home Improvements 3

Covering the costs of home improvements can be a headache. Even if you are in a suitably strong position to qualify for a loan, knowing which option to choose is not easy.

Precisely where the input of an independent broker can prove invaluable, helping you make sense of what is on offer to find the best deal to suit your needs.

Generally speaking, making the right choice means working out what renovations will cost. After which, it becomes much easier to choose an appropriate funding solution for your project.

Here are just a few ways home improvements of different types can be funded with affordable financial products:

Interior Painting – Less Than £500

Repainting the interior of your home in its entirety is not going to cost you more than £500. You may even be able to hire a professional to get the job done for less, saving time and energy in the process. 

Minor home improvements like these can be funded with a credit card at a low rate of interest. You could even apply for a new credit card and benefit from a 0% introductory rate as a new customer. 

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

Stepping up to double or triple glazing comes highly recommended in an era of unprecedented energy prices. Research has shown that boosting the energy efficiency of windows and doors at home can lead to annual energy savings of up to £175. Long-term, it is an investment in comfort and energy efficiency that can pay for itself.

In the meantime, a personal loan taken out over 2 to 5 years is a good way of funding the project. Personal loan APRs are still incredibly low, particularly for applicants with an excellent credit score.

Fitting a New Kitchen – £6,000+

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

Raising this kind of money in the interim is possible by way of an unsecured personal loan or a loan secured against your home. A short-term bridging loan could also be considered if you can afford it and if planning on selling your home shortly after the project is complete.

Loft Conversions – £10,000+ 

Depending on the size and configuration of your loft, converting it could cost anything from £10,000 to more than £40,000. On the plus side, adding an extra living space to your home could increase its market value by more than 10%.

A homeowner loan can be particularly useful for raising this kind of cash; this is a specialist secured loan exclusively for homeowners. One that is usually available with a more competitive APR than any comparable personal loan.

Funding Options for Different Types of Home Improvements 4Structural Extensions – £10,000 to £50,000+ 

Extending a property to create additional space really is the ultimate home improvement, one that can cost anything depending on the configuration and complexity of the extension.

Secured loans or full package development finance are the preferred option for most homeowners planning major extension works. A homeowner loan could be just the thing, or perhaps an extension on your mortgage to raise the funds needed.

This is a Sponsored Feature.

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now