A Home Improvement Loan Can Help with Remodeling Your Home at a Low Interest Rate

Are you looking to improve your home?

If so, you are not alone. Recent research from the glazing company Everst and published in the Independent has found that the average homeowner in the UK plans to spend £2,831 to give their home a facelift or make the most of the space they have over the next year.

Remodeling or redecorating your home can not only make it a more attractive place to live but can also make it more appealing to potential buyers as well as adding value. However, the cost of home improvements has been rising over recent years. Our guide looks at how home improvements can add value to your home and how a home improvement loan can get you the cash you need to remodel your property.

Most Popular Ways to Remodel Your Home

According to the survey in the Independent, the most popular home improvement (and by far the easiest way to add value to your home) is internal redecoration. Over two thirds of people questioned - 67 per cent - planned to spend an average of £1,326 on this.

More expensive remodelling was also popular, with 12 per cent planning to spend £4,340 on a new bathroom and 9 per cent planning an outlay of £3,713 for a new kitchen.

Another popular way to remodel your home is by adding additional living space. This can be done through a conservatory or extension or through a loft or garage conversion.

Home Improvements Can Cost Thousands

Whilst home improvements can add substantial value to your home, they can also often be expensive. For example, research from channel4.com has revealed that the average cost of a new fitted kitchen is a cool £5,000 whilst a new bathroom costs £3,250 if you employ a professional to complete the job.

A single storey extension can cost between £15,000 and £30,000 whilst a loft conversion typically costs between £15,000 and £40,000.

Home Improvement Loans Offer Chance of Remodelling at a Low Interest Rate

Home improvement loans are one of the most popular ways to fund home improvements such as loft conversions, an interior redecoration or a new kitchen or bathroom. A home improvement loan involves using the equity in your property to secure additional borrowing. You choose the term of the loan and make one monthly payment that is affordable to you.

Interest rates on home improvement loans are often lower than unsecured loans and credit cards and you can spread your payments over a term that suits you. It is also often easier to obtain a home improvement loan than a mortgage or unsecured loan, particularly if you are self employed or if you have a less than perfect credit history.

In addition, many lenders will also agree to lend based on the ‘when finished’ value of your property. For example, if you are remodelling your home by adding an extension, a lender may release funds against the completed value of your property once the extension has been finished.

So, if you are looking for an easy and simple way to fund the remodelling of your home at a low interest rate, a home improvement loan could be the perfect answer.

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