It’s no surprise that buying a new house can be expensive. Many struggle to afford moving properties, this is due to the ever rising costs of house prices, solicitor fees and stamp duty.
Home improvements and upgrades such as adding a new conservatory, building an extension or creating an open plan kitchen is now the alternative. These simple changes can be made without costing too much money whilst potentially adding value to your home.
You have already some home renovation ideas in mind, however sparing the money for these first home improvements projects can be extremely challenging. Luckily for you, we have put together 6 tips to help you fund your renovations effectively.
First, carry out some research on the home improvements that you wish to make. There should be some available information covering the average prices and how much money you will need to fund these changes.
Once you have established the individual prices for each area of renovation, then it may be time to consider partnering up with ‘Apply For Grants’ or another home improvement finance company.
Suppliers work together with highly respected home renovation companies, so that homeowners can develop their home renovation ideas and afford new energy efficient home upgrades easily. This is often supported by a personalised, manageable payment plan.
There are a few points to consider before working with a home improvement finance company.
- Eligibility checks and criteria.
- The work on your home will not start until your home is approved.
- Be clear in your mind about the amount you will need.
Apply For Loans offer a range of flexible solutions for your first home improvements. This includes generous, accessible funding for new double glazed windows, doors, boilers and conservatories.
Use Your Own Savings For Your Home Improvements
If you have the money to fund your home, but it’s locked away in savings, then it may be time to spend it. If you can refrain from spending your money on holidays or a new car, then investing your money into your property could be the best solution.
We understand that it can be painful to put all of your savings into your first home improvements, but it’s important to keep in mind that you could increase the value of your property by 10%.
Using your own money is a huge advantage. This way you are not in debt to any lender. On the other hand, using all of your money to pay for your home improvements isn’t advised as this can drain your accounts and leave you with nothing – this is why funding for home improvements is advised.
If you wish to use your own money, but don’t have enough cash then it’s important to think about starting up a savings goal and working towards it.
Re-Mortgaging For Home Improvements
You may have heard that borrowing more on a mortgage for first home improvements. Re-mortgaging your home is a great way to fund your home improvements; this is especially true if you need to borrow quite a large amount of money.
The large amount of money could be used for a makeover of your entire home or even a full extension with new double or triple glazing.
The only way that you are able to re-mortgage your home is by having enough equity in your home to start home to start with. To clarify this, be sure to set up a meeting with your mortgage lender before even planning your dream home renovation ideas.
If your application for a re-mortgage is accepted, this would simply be the highest loan or amount of money that you could receive from any source.
Consider An Unsecured Loan For Your First Home Improvements
An unsecured loan is popular for first home improvements; this is because it isn’t connected to any of your belongings. If certain loans aren’t paid back, the lenders have the right to your assets such as your car or home!
This is not the case with an unsecured loan, but you will only be granted one if you have an impeccable credit score and evidence of a satisfactory income.
Consider A Secured Loan For Your First Home Improvements
Secured loans are of course the opposite – putting your collateral at risk. However, because of this, a secured loan doesn’t require a spotless credit history for you to be accepted. They also allow you to borrow much higher amounts.