Looking to Remodel Your House? Finance Your New Kitchen or Bathroom Renovation with a Secured Loan

Repairs and improvements are part and parcel of home ownership. Whether it is some new carpets or a huge two-storey extension, improving your home both makes it a nicer place to live and increases its sale value.

There are various ways that you can fund the home remodel you have planned. Firstly, you can take out an unsecured loan to pay for a basement conversion or new fireplace. Secondly, many companies will offer their own finance solutions for a new kitchen, new windows or a new bathroom. Finally, you can consider a secured home remodelling loan that allows you to use the equity in your home to fund your property improvements.

Remodel Your House

Kitchens and bathrooms are two of the most important rooms when it comes to selling your home. However, they don’t come cheap. Research from channel4.com has revealed that the average cost of a new fitted kitchen is a cool £5,000. Similarly, a new bathroom costs £1,300 if you undertake the refit yourself or £3,250 if you employ a professional.

Other popular ways to remodel your home include adding additional rooms. This can be done via an extension or through a loft or basement conversion. These projects provide additional living or bedroom space.

Using a Secured Home Remodelling Loan to Fund the Work

A popular way to fund home improvements such as a new fireplace, interior redecoration or new kitchen is to use a secured home remodelling loan. You borrow against the equity in your home and make one monthly payment that is affordable to you.

Interest rates are frequently lower than unsecured loans and you can spread your payments over a term that is appropriate for you. They are also often easier to obtain than unsecured loans which rely heavily on strict credit scoring and underwriting criteria.

Don’t Overspend When You Remodel Your Kitchen, Bathroom or Basement

If you are planning to remodel your home, it is vital that you don’t go over your budget. According to whatprice.co.uk, a kitchen renovation only adds around 8 per cent to the market value of your home. So, on a £100,000 property, you should be spending less than £8,000 to remodel your kitchen.

Figures from Santander in 2009 showed that spending an average £22,600 on a loft conversion adds just £13,038 to the value of your home. Similarly, spending £7,700 on a bathroom adds just £2,892. However, interior redecoration can increase the value of your home immediately, as spending an average £1,330 adds £3,557 to the value of your home.

Borrow as much as you need using your secured home remodelling loan and then stick to your budget.

Secured Home Remodelling Loans Are Perfect if You Are Self-Employed

If you are one of Britain’s four million self-employed workers, you may have found it difficult to get credit in the past. Your income may be unpredictable and traditional lenders may have struggled to agree your loans based on your company accounts.

Many homeowner loan companies have a range of options available to self-employed people. Whatever part of your home you wish to remodel, they will tailor a loan to your specific circumstances, even if you find it tough to prove your income.

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