Finance Your New Bathroom with a Home Improvement Loan

The bathroom is one of the most important rooms in your home. As well as being a room that you will use on a daily basis, a good quality, well-fitted bathroom can also add significant value to your home and make it much more attractive to potential buyers.

However, fitting a new bathroom isn’t cheap. So, finding the cash to refit your bathroom may be an issue you have encountered when considering renovation. Our guide explains how much a new bathroom is likely to cost, what value it will add to your home and outlines a great way of borrowing the money you need to finance your new bathroom.

The Cost of Your New Bathroom

The cost of refitting your bathroom can vary significantly depending on the size of the room, the quality of the fittings and whether you plan to hire a professional to complete the job.

The consumer magazine Which? says that ‘the cost of a new bathroom can vary enormously. The average bathroom costs around £3,000, but costs can vary from a few hundred pounds to tens of thousands for an all-singing, all-dancing large bathroom with luxury fittings.’

Figures from Channel 4 back up the findings from Which? , claiming that the average cost of a new bathroom is £3,250 if you employ a professional, reducing to £1,300 if you undertake the refit yourself.

However, property expert and Location, Location, Location presenter Phil Spencer believes that you do not have to break the bank to get a great looking new bathroom. The TV personality told the Daily Telegraph that getting a great new look in your bathroom is often about the features that you install.

Mr Spencer suggests ‘a set of new taps (£20), a heated chrome towel rail (£50), a big new shower head (£20), a power shower (£250-£750), a glass screen (£100) or glass door (£125) instead of a shower curtain.’

Adding Value to Your Home with a New Bathroom

Whilst it may cost several thousand pounds to get the perfect bathroom, having a refitted, modern bath suite and fittings can add significant value to your home as well as making it far more attractive to potential buyers. The Independent reports that ‘house hunters will often rule out a possible purchase because the bathroom was just too grotty or shabby, although countless surveys have found that simply revamping it can add up to 20 per cent to the value of your property.’

Phil Spencer reports that a new bathroom ‘puts 2.88 per cent onto the house value.’

Financing Your New Bathroom with a Home Improvement Loan

One of the most popular ways that many homeowners finance the cost of a new bathroom is through a home improvement loan. Home improvement loans allow you to borrow against the equity you have in your property; typically up to 75-90 per cent of your home’s value.

Home improvement loans are particularly useful if you are self employed, are unable to remortgage or if you have experienced some credit problems in the past. The loan allows you to borrow the amount you need to cover the total cost of your bathroom refit and you can choose the term of your loan in order to make the payments affordable on a monthly basis.

To get your home improvement loan, fill our form on the right.