3 Foolproof Ways To Finance A Massive Home Renovation

It’s nice to know you‘re not alone when it comes to DIY home renovations, as fellow countrymen happily fork out £22 billion on renovations per year. But there’s more to think about when renovating than just the money and which kid gets to have a room of their own. Adulting is hard and comes with all kinds of calculations, such as stamp duty and taxes. But there comes a time when it’s not enough to simply spruce up a room with a lick of paint or some clever new accessories. Some renovations are necessary to keep the shingles on the roof and the kitchen cabinets from withering away and in the kitchen, a nice makeover can increase the value of the property by 6%. Find out how to finance these larger items without hassle.

The Ideal Option For Those Without Security

If the property you’re inlost a bit of value or doesn’t have any equity yet, a personal loan might be the best option to secure enough funds. Personal loans provide a lump sum of cash and many financial institutions tend to offer these loans unsecured, as long as their terms and conditions are satisfied. The popularity of the personal is evident as consumers have simple access to them, applying for their finance from the comfort of their homes. For consumers, the toughest task is to ensure that they secure a favourable rate.

When There’s Equity In The Property

The family home is part of the family history and those with children will understand that holding on to it as long as possible is always part of the equation. Those who have managed to do so, probably have the benefit of some equity as the mortgage reduces and the value increases. Homeowners who wish to access the equity can apply for this through their financier. The benefit of this is the homeowners can choose to run the loan over the remaining term of the mortgage and in some instances, apply for a fresh term. This allows them to repay the amount over a much longer period, which is great for those who need a lump sum and a large installment over a short period won’t quite do it.

When You Happen To Have The Best Credit Card

This is not an item that pops up on renovation finance methods all too often, as credit cards can be pretty expensive. However, financial institutions are vying for a bigger slice of the pie and with it comes a truckload of benefits for their clients. One of the best options is the card that carries a 0% APR for two to three years. For those who can manage to pay off the home improvements within such as short period, this is a very cost-effective way to finance that elusive roof room or basement conversion.

When it comes to sprucing up your forever home, make it something memorable and something that will make you want to snuggle up with a good book and steaming cup of tea. To make a house a home, you need to splash your own glitter on it and sometimes that costs more than a few hundred quid.