There are significant benefits to improving your home, you’ll not only be improving the space you live in, but you could potentially increase the value of your property. For example, creating an extension or adding a bedroom or utility room could work out better value than trading up to a bigger house.
It’s important to be realistic when thinking about making home improvements because the amount you invest won’t always increase the value of your property. However, providing you have done your research, a homeowner loan used for home improvements can turn out to be a wise investment.
Why take out a secured loan for home improvements?
Having a homeowner loan allows you to borrow larger amounts making it perfect for home improvements. Your home could need:
- Urgent repairs or renovations such as a new roof or a central heating replacement.
- You may need more living space, such as a conservatory, utility room or loft conversion.
- Replacing a kitchen or bathroom
- Increase the value of your home before you sell
Who typically takes out a home improvement loan?
Anyone who owns a property and meets the relevant criteria can take out a homeowner loan for home improvements.
Homeowner loans are popular with first-time buyers. This could be because they’ve purchased a property that needs work and are looking to sell, or they may feel they need a project to change a property and make it theirs.
But whether you’re looking to build an extension, convert a loft or upgrade your home, a homeowner loan could be the best option for you.
How do I apply for a secured loan?
Our advisers at Cornerstone Finance can help you discover the best option for you and your circumstances from a wide range of lenders. You can apply here.