Want to make some substantial improvements to your home this year?

That’s a fantastic idea because it will improve your quality of life especially if you can make sure you have adequate storage.  Plus it will more than likely add extra value to your property when you decide to sell.  Unfortunately, many people will struggle to find the money to reach their home improvement goals.  With that in mind, I wanted to give you a few ideas as to how you might be able to achieve this. The straight forward ideas on this page could assist you in raising the cash you require.  You just need to think outside of the box and keep moving forward.  Also, the process is far easier if you have a decent credit rating.

Apply For a Home Improvement Loan

Most banks like Halifax offer home improvement loans to people in your position these days.  If you have a reasonable credit score then you shouldn’t face have too many issues.  You can often start the application online before the bank call to arrange a meeting.  Read the paper work well and make sure you can afford the repayments before you sign on the dotted line.  The last thing you want to do is get your family into financial trouble.  With a bit of luck you would have the cash in your accounts in less than twenty-four hours.  Then you can begin your home improvements whenever you’re ready.  

Save Money on Your Household Bills

There are many ways in which you could save money on your household bills.  You just need to use technology and the internet to your advantage.  Experts from Selectra claim you could save hundreds of pounds by switching energy supplier.  Other professionals say the same thing about internet packages and mobile phone deals.  You can reduce your energy payments even further by using smart metres in your home.  Those devices let you know which sockets are using the most power.  They also provide you with advice on the best ways to reduce your consumption.

Remortgage Your Property

If all else fails another option that may be open to you is to remortgage your property to get the funds you require.  You can then use that money for a new kitchen or whatever you desire.  If you’ve paid the current mortgage for more than ten years there should be a lot of equity in your home.  You will need to contact different specialists and ask about their rates.  It’s best to shop around to get the best deal.  With any luck you may get a significant lump sum payments.  The amount you receive should be more than enough to cover any home improvement ambitions you have, just make sure you don’t ask for more than you need.  Don’t forget it is important to ensure you always read the small print.  Remortgaging is like starting over again and naturally your loan term will increase.

You now have some excellent ideas for getting the money your family needs.  Make sure that you research each of them sufficiently before working out which is right for you.  At the end of the day, sometimes you don’t have to opt for something as drastic as a remortgage deal.  It all comes down to what you hope to achieve and how much cash you have in your savings accounts.  Whatever you decide, I wish you the best of luck for the future!

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What tips do you have to help fund home improvement projects?

Photo Credit Pixabay

26 thoughts on “Home Improvement Ambitions: How To Fund Your Project”

  1. Don’t think we would ever remortgage would rather struggle then redo it , only have 9 years left so that aint bad but hate paying out all the money monthly for it

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  2. I don’t know. i would always be nervous about refinancing my home. That would be a method of last resort if I wanted to do home improvement. I suppose it would depend on how much it would increase the value of the home.

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  3. I’m still a student so this doesn’t apply to me right now but is definitely something to remember when I graduate and am looking for my own place – great tips!

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  4. I used to work at MoneySavingExpert, so know of plenty of people who have done some if not all of these things to raise money for home improvements/extensions/loft conversions etc. When done properly it can add considerable value to your home. I’ve recently remortgaged my flat, though that has been to take equity out to fund buying somewhere else (a second home, as my flat is now rented out) x

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    1. It really can add value that’s true but people need to be practical when they do make improvements so they do not go way over budget. Well done on the new property! 😉

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  5. Some very good ideas, thank you. I struggle to commit enough money to it to do it properly, rather than cutting corners, but that’s usually worth doing, and if you don’t spend as much as you’d expected to then that’s all to the good!

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  6. I do not own a home yet but this is helpful to know because so many times we wish we knew things in advance before we are in the situation. Some the advice is still applicable even if I do not own a home such as saving money on household bills and making wise financial choices!

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