Personal Loans for Home Improvements

 

Some upgrades to your living condition can only be achieved by moving house, but others can be done with some home improvement. Maybe you could do with a new carpet, new bathroom fittings, or transforming part of your garden into a conservatory.

Top 5 Desired Home Changes / Improvements

An independent study carried out by Usurv for landlord insurance specialists Cover4LetProperty details the top five things tenants and owner-occupiers would change about their accommodation.

  1. A bigger kitchen (22%)
  2. A conservatory (20%)
  3. A garden (18%)
  4. A change of neighbours (8%)
  5. A garage or more storage space (6%)

Getting Quotes

If you own your own home, you can make changes to your kitchen, or with the right planning permission, build a conservatory extension. Work out all the costs involved, and get quotes for the work from a number of different companies or contractors. Even if you can't afford it all today, you can take out a loan to get the improvements you want, and the type of loan depends on how much money you need.

Secured or Unsecured?

If you are looking for between £3,000 and £200,000 and you are a homeowner, you may be eligible for a secured personal loan. This acts like a second mortgage, and the value of your home is held as security that you will repay the loan.

If you are not a homeowner, but you are looking for between £500 and £15,000, you could consider an unsecured personal loan, for which you will still be charged interest on monthly basis, but does not need to be backed up with home ownership.

Repayments

Don't take out the loan unless you can afford the repayments. Use Money Dashboard's budgeting software to help you work out how much you can afford to pay each month and never miss a repayment. If you can't afford the full amount one month, speak to your lender as soon as possible to avoid getting a black mark on your credit report.

Disclaimer

All content is for informational purposes only and is the opinion of the author. Nothing on this website should be interpreted as "advice". Money Dashboard Ltd make no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions or any damages arising from its display or use.

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