The slowdown in the property market over the last three years has prompted an increase in the number of people choosing to embark on home improvement projects.
People have become more willing to splash out on their home, whether just to liven up tired decor, to create much-needed living space or to improve their property's energy efficiency.
You may view some of these projects as necessities and others as investments, as they should pay for themselves in the long term, but whatever the motivation for having work carried out, you need to think carefully about the best way of financing home improvements.
In an ideal world, you would be able to pay for any work from your savings in order to avoid amassing debts, but that is not a realistic hope for many people planning major projects.
Most people need to take out a home improvement loan to help them fund an extension, loft conversion, new kitchen or replacement boiler.
Finding the right home improvement loan will take a bit of research but, as the difference between the best and worst deals could be thousands of pounds, it will be time well spent.
Remember not to restrict your search to banks and building societies, as there may be some lower cost options available to you, depending on your circumstances.
Loans from local authorities and home improvement agencies
Your starting point when looking for funding for a home improvement project should be to discover whether you are entitled to any grants. For example, many energy suppliers will contribute towards the cost of cavity wall insulation and some people receiving benefits are entitled to a Warm Front grant to help pay for energy-efficient home improvements.
If you or your project are not eligible for any grants, do not immediately give up on the idea of looking for help from the public purse.
Local authorities have the power to assist in financing home improvement projects for both tenants and owner-occupiers. It is worth putting in a call to your council to discover if they currently have any schemes to help fund environmentally-friendly improvements.
Past schemes run by councils have made financial assistance available in the form of loans, grants or a combination of the two.
There are a number of low-cost loan programmes available to homeowners over 60 and people living with disabilities who want to make their properties more energy efficient. Your local home improvement agency or the Home Improvement Trust will be able to provide more information about these loans, some of which are interest free.
Home improvement loans from commercial lenders
For the majority of people hoping to add space and value to their home, or planning to improve their property's carbon footprint, their best financing option will be to borrow money from a bank or building society.
Many lenders have products marketed as home improvement loans, which are available to existing customers who hope to carry out work ranging from redecoration to garden redesign and adding a conservatory or extension.
These loans are generally available on similar terms to the lender's standard personal loans, but it is worth checking whether it has any products available at lower interest rates.
Before making a loan application it is a good idea to shop around for the best possible deal, as there can be large differences in the interest rates available. Price comparison websites are a good starting point for this, as they include information about products available from all the major high street banks and building societies, together with smaller lenders.
There are a number of other options available for financing home improvements, including remortgaging - something which may be the right choice if the work will add value to your home - and equity release.
How can Rated People help with your home improvement projects?
Having gone to the trouble of securing financing for your home improvement project, you will want to ensure you get the best possible job done.
Using Rated People's service can help you to do just that, by simplifying the process of identifying the best tradesmen for the job.
Simply register with the site and post details of the home improvement project you want carrying out - you can do this for free.
Rated People will then put you in touch with up to three suitable local tradesmen who have expressed an interest in providing a quote for the work.
You will not have to base your decision about who to use solely on the quotes, as other Rated People users provide ratings for the tradesmen, so you will be able to tell whether they are reliable and capable before hiring them.
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