If your home is in much need of some TLC, you might be scratching your head about how you can afford to transform your property. However, if you don’t want to live in a rundown or outdated address, you might need to review your financial options to create the property of your dreams.
For help making the right choice for you, here are four of the best ways to fund a home improvement project.
If you have a handy nest egg hidden away, it makes sense to use this money to fund an essential home improvement project. It is necessary to bear in mind that your property is a financial investment and you cannot allow it to fall into ruin.
While you might not want to use the emergency fund to purchase a new kitchen, repair your leaking roof or install a new bathroom, it could potentially increase the overall value of your home, so you could one day enjoy a higher return on your investment. It is one of the best options for your finances, as it will feature zero interest rates and you will not need to worry about making monthly repayments.
Remortgaging your home will allow you to use the valuable asset to fund a much-needed home improvement project, such as a loft conversion or water damage repair. While it could add many years onto the life of your mortgage, it might be worth doing so if it supports your lifestyle and protects your property’s aesthetics and structural integrity. To identify how much it could cost, click here for a remortgage conveyancing quote.
If you need to convert your loft into bedrooms for a growing family or you have your heart set on installing a conservatory, you can expect for the home improvement project to cost up to £10,000.
It is, therefore, wise to apply for a personal loan with a good interest rate. You also must select a loan option that offers affordable monthly repayments to compliment your budget.
If you only need to make small alterations to your home, it might be a smart idea to use a credit card. Select a credit card from a reputable provider that offers an extensive 0% introductory period, and you must aim to pay it off as soon as possible to avoid a high interest charge. So, it could help you to quickly fund an essential home improvement project, and you will not need to pay a penny more than necessary.
A home improvement project can be an investment in your property. However, it can feel like a difficult feat if you have limited money available. If, however, you cannot afford to ignore a repair project, or your property is in desperate need of an upgrade, the above options could be an ideal way to fund a renovation.