Want to use your home to raise money at a competitive APR?

Debt consolidation, home improvement

Looking to Renovate Your Bathroom or Kitchen? Get a Secured Home Renovation Loan

Are you looking to renovate your home?

In a tough property market there are two compelling reasons to renovate your property. Firstly, if you renovate your kitchen, tile the bathroom, replace the floor or paint the exterior you may well achieve a higher price when you sell your property. It also makes it more attractive to potential buyers.

Secondly, the difficult property market has meant that many people are unable to sell their property and move home. The lack of mortgage finance has also made it difficult to obtain the money needed to relocate and so people are increasingly staying put and renovating their existing property.

Renovate Your Bathroom or Kitchen

According to channel4.com, the average cost of a new bathroom is £1,300 if you undertake the refit yourself or £3,250 if you employ a professional. Similarly, the average cost of a new fitted kitchen is £5,000.

Whether you want to completely refit your bathroom, fit a wooden floor or simply replace a tile or two, improving your bathroom can add value to your home as well as making it a much nicer room. A remodelled kitchen also adds value to your property as a stunning kitchen is one of the main selling points of any house.

Don’t Overspend When Renovating Your Bathroom, Kitchen, Basement, Attic or Exterior

When undertaking a home renovation programme, it is vital that you don’t overspend on the work. For example, according to whatprice.co.uk, a kitchen renovation only adds around 8 per cent to the market value of your home.

Figures from Abbey in 2009 revealed that spending an average of £7,700 on a bathroom adds just £2,892 and £22,600 on a loft conversion reaps just £13,038. However, cosmetic improvements such as decorating can add instant value. Spending an average £1,330 adds £3,557 to your property value.

The secret is to establish a budget for your work and stick to it.

Attic or Basement Conversion

A basement, loft or attic conversion can add useful extra space to your property. It can provide an additional bedroom, en suite bathroom or studio to your home. Remember that your loft conversion must meet building regulations including insulation and headroom requirements.

How a Secured Home Renovation Loan Can Help

One of the more popular ways to fund home improvements has been to use the equity in your property. Whether it is a grand scheme to build a swimming pool, some essential roof repairs or a few new kitchen tiles, you can raise the necessary finance by using the value of your home.

A secured home renovation loan allows you to borrow the amount you need secured against your home. If the work you plan to undertake adds value, this can be a useful way of borrowing the cost of the renovations.

Secured homeowner loans will generally be agreed based on:

  • The equity in your property
  • Your income and outgoings
  • The work you plan to undertake
  • Your credit history

If you are looking to join thousands of homeowners and to renovate your home, a secured home renovation loan could well be the answer. Even if you are self-employed or have a poor credit history, a secured loan could help you.

To use your home to raise money at a competitive APR, please fill this homeowner loan form.

Tips & Advices