4 Ways To Finance Your Home Improvements
January is not far off and you may already be thinking about plans for the new year. Maybe you’re thinking about doing some home improvements, after all, we have spent the majority of this year in our homes which means more time spent looking at the jobs that we have been putting off.
You might want a new kitchen or a new bathroom, or maybe you want to install some solar panels or upgrade your windows to double glazing. Whatever it is you are thinking of changing around the house, you need to make sure you have the money for these jobs before getting too ahead of yourself.
Home improvements are certainly not cheap, so if you are considering making some changes to your property, here are four ways you can finance them.
Use your savings
Savings are there for a reason, and unlike using them for a lavish holiday or a fancy new car, you could use them for improvements around the home which is essentially making an investment.
Not only that, but it’s also making your living conditions much nicer, which will be beneficial for you in the long run. There are some home improvements you can carry out that can add value to your home, like a modern bathroom or a loft conversion.
- 4 great home improvements that could increase the value of your property
- 6 Ad ons to make your conservatory incredible
Consider a homeowner loan
Another option is to consider specific loans for homeowners, which allows you to borrow a large amount of money to make some major home improvements such as a conservatory or fitting a new kitchen.
A secured homeowner loan may not be for everyone, but there are some benefits to it. They can sometimes be more affordable each month as they have lower interest rates and they allow you to borrow more money than you would be able to with an unsecured loan.
Apply for a 0% purchase credit card
As long as you use a credit card carefully and there is enough limit on it then a 0% purchase credit card can be a useful option when looking to make home improvements. This option is best when you are looking to make modest home improvements like adding extra storage solutions or fitting new lighting, for example.
A 0% purchase credit card usually gives you a fixed period to repay the balance without any interest. So if you can pay the balance back in full before this period ends, then you may want to consider this option.
Check if there is available funding
Some companies and organisations offer funding to help with home improvements. Companies like Npower and EDF have new boiler grants available for customers who receive certain types of benefits, so it’s worth checking if you meet the criteria.
Another option is to look at the Home Improvement Agency who may be able to help the elderly and disabled people make repairs and improvements to their homes.
If you are thinking about making some changes to your home in the new year, make sure you consider all your options when it comes to financing them.