In current times with the property market showing us its perils with the recent recession still fresh in our minds, it is evident that many of us are reluctant to make any large financial decisions in case the market takes a turn for the worse once again.
Whilst the market is clearly picking up all over the UK and substantially so in areas around London, there can be benefits to staying put in your current property for a little while longer, to really get the best out of your property and maximise its potential if you ever do decide it is time to sell in the future.
If you are conscious that whilst staying in your property a little while longer might help with the finances it is due some enhancements to improve your quality of life, then it is time to scout out your options.
The notion of ‘improve don’t move’ can play a huge role here and the options available, whilst dependant on your individual circumstances, are extremely varied.
Some of the most popular home improvement projects can provide the ideal solution to spruce up the place, accommodate a growing family or even add value to your property for when you decide to sell in the future.
“Make do and mend“ could be seen as something of a national identity for us Brits and we are often no different with our houses.
A 2013 survey conducted on behalf of go compare gives a clear idea of the most popular home improvements over the past few years. The survey found that a considerable 42% of UK homeowners had installed a new kitchen over the past three years.
The top five home improvements were:
- New kitchen- 42%
- New bathroom- 41%
- New boiler and/or central heating- 31%
- A house extension- 18%
- Garden makeover- 17%
The percentages show that many did more than one thing at one or during that period. Undertaking home renovations or extensions not only helps to improve or increase your living space, it can also add value you to your property. Unfortunately most of these aren’t just little atinkering around the house, and while it may not equate to the cost of moving house, they can still take a bite out of your household finances.
According to Which.co.uk the average new kitchen installation can set you back an estimated£8,000 however this can be done for less on a budget by breaking out components and doing some fitting yourself or cost even more if you are working on the kitchen of your dreams. Whether you intend to spend more or less, you are looking at a financial outlay of many thousands of pounds. The other options are starting in at around £2,000 to £3,000 and major house extensions can easily come in at £30,000 plus.
If you, like many of us, do not have the money available in the bank, or would prefer to keep your savings for a rainy day then it could be well worth looking at a homeowner loan to raise the finance. By taking out a personal loan, remortgage or secured loan you could raise enough to carry out the required works and spread the payments over a longer term. That way you can include the cost in your monthly budget, making sure you can comfortably afford the repayments.
If you like the idea of just one monthly payment to have to deal with each month instead of having to manage multiple debts already in place then a remortgage can work particularly well if you are looking to raise that little bit more, possibly for an extension so that you can restructure your finances and tie the payment to your existing mortgage term at rates usually lower than available on secured loans or personal loans.
Take a look at the current mortgage market and you will see some of the best deals in recent history, if you are interested in finding out the repayments you would be making try speaking to an established mortgage broker such as first choice finance – who have a 25 year history of helping UK consumers enhance their homes.
With current rates at historic low levels a remortgage or alternatively a secured loan can be a useful and cost effective way to sort your finances and raise the thousands you need, to carry out the home improvements that you want to the standard you desire.