Home improvement loans can help to add considerable value to your home. Whether you’re dreaming of a smart new office or a bright and spacious loft conversion, Forces Compare can help.
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In the current climate, many across the UK are making improvements to their properties rather than selling and moving, adding value not only to the house price, but also to their living environment.
In fact, building either a loft conversion or a new kitchen can add 20% to a property, making home improvements often a great return on investment.
Many borrow home improvement loans without owning the property outright. You can make home improvements even if you still have a mortgage on your property. If the property is owned by someone else (e.g. a family member or a landlord) it is vital that you get their permission before starting any home improvement projects
One of the most common loans throughout the country, home improvement loans are taken out by many to help maximise the value of both a living environment and the property overall. Many make home improvements to accommodate for their growing family, adding in more living space or an extra bedroom, whereas others will create home offices, workout spaces, or modifications to their kitchen.
Below is a list with the value in which various home improvements can add to a property:
Home improvement loans can help homeowners to make valuable improvements to their properties, many choosing to use this type of funding over personal savings or income.
Whilst home improvement loans are used by many across the country, some prefer to use their savings or monthly income to fund improvements. Home improvement loans can however offer the total amount upfront, which some homeowners prefer over saving up their own personal funds.
Additionally, the potential value borrowers could add to their property can be higher than the loan’s interest rates, making them a good source of funds to consider. The repayment period can also be spread out over 25 years, helping borrowers to manage their repayments effectively.
Whether or not you need planning permission will depend on the nature of your home improvement project. If you are adding to your property externally – e.g. with an extension, loft conversion, basement, or anything over 10 metres – you will have to get planning permission to do so.
However, if your home improvements are inside your property, e.g. breaking down a wall, turning a garage into a snug, you will most likely not require planning permission. The only time where you will need planning permission for these situations is if the project affects your neighbours.
The eligibility criteria for a home improvement loan will typically include the following:
When applying for a home improvement loan, you’ll need to provide a few details. This is to assess your eligibility for the loan, and can include the following:
There are a range of different financial products that can be used for home improvements. When applying for an unsecured loan, you will most likely have to hold a good credit score, as well as other credit-worthy credentials to show you are capable of repaying the loan.
For those using a secured loan, you will need a valuable asset to use as collateral, along with proof of ownership and a recent valuation.
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