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Home Improvement Ambitions: How To Fund Your Project

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

This Post Has 33 Comments

  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

    1. Wow 9 years left, that’s wonderful. I know what you mean it’s a juggling exercise isn’t it to allow money for different things.

  2. Some excellent ideas.

  3. Would love to have a house to remodel. Maybe one day when I give up the nomad lifestyle. Thanks for sharing these ideas and maybe one day I will use them.

  4. I don’t have a place of my own but if I am ever going to get on the property ladder I need to bear these points in mind. Especially the one about switching energy suppliers to save money x

  5. This kind of stuff confuses the life out of me, having always lived in rented houses – as for most of my childhood expats weren’t allowed to buy property in the UAE – and so we’ve never done a full re-do other than once my dad redid the kitchen and our landlord had the bathroom redone…I’ve always wanted to though and this information will be saved for when that time comes in a few years!

  6. We recently installed a new kitchen and had to come up with ways to afford it – great tips!

    1. Glad you liked the post I hope you found something there you could use.

  7. We are in the process of house sitting to save a deposit for our first home! Will check out some of your other money saving articles.

    1. Good luck with that it’s quit exciting yet also daunting buying a first property.

  8. I’m with Halifax and find them really good. Would not hesitate to get a remortgage if I needed it to improve my home

    1. It can add a fair amount of value to a home depending on what you decide to do.

  9. These are such a great tips! I love how useful this post is, thanks for sharing 🙂

  10. 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.

    1. It’s one of those things that need to be weighed up individually 😉

  11. These are some really helpful tips, am surely gonna save this for future and gonna check your other blogs too

    1. Thanks for your comment. I’m glad you found the post useful.

  12. It’s taking me that long to save up to buy again again I just don’t think I could refinance for remodelling.

  13. 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!

    1. I am sure that it will be something that you will find useful later in life. Good luck with your studies.

  14. 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

    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! 😉

  15. we want to build an extension but need to sort out the finances for it. it’s hard to know where to start !

    1. It can be difficult to juggling all but you need to sit down and look at it logically.

  16. 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!

    1. It’s best not to cut corners it can give bad results and is a false economy as you end up spending more 😉

  17. 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!

    1. I think the advice can be used for many not just those wanting to do various types of work on their house.

  18. The idea of using savings on household bills to fund home improvements is great, I always look to change my providers in order to cut my bills.

    1. It’s amazing how much you can actually save by doing this.

  19. This is very interesting ! The idea is great ! My plan is to buy a house next year and I will think about that.

    1. Good luck with the house purchase Sandra.

  20. I wish I could get a mortgage but with my credit rating I have no chance, I recently tried private renting to a bigger property but couldn’t even do that because I have a ccj 😢

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