Let’s face facts; those of us who are lucky enough to own our own homes are constantly looking for ways to improve the property.
However, this can be an expensive pastime, with most major home modifications costing considerable sums of money.
For example, even relatively cheap modifications such as upgrading your roof can cost in excess of £4,000, while the average cost of building a conservatory at the back of your home is around £5,300.
With this in mind, we’ll use this post to discover the best ways of funding your dream house renovation without compromising on your daily lifestyle!
- Start Forex Trading From Your Home
Ideally, you’ll fund your renovations with your own, hard-earned cash, rather than relying on debt or credit that’s serviced by financial service providers.
However, if you lack the disposable income to fund such an objective, you may want to consider creating additional income streams that can supplement your 9-5 job and boost your earnings considerably.
Ideally, you should seek out passive income streams such as forex trading, which enable you to earn money through financial market speculation and without assuming ownership of an underlying financial instrument.
What’s more, you won’t have to spend huge amounts of time organising and planning your trades, as you can rely in part on automated trading algorithms and risk management tools like stop losses to improve efficiency.
- Get an Unsecured Loan
If you do have to take out a loan to fund your renovation, we’d recommend that you seek out an unsecured line of credit that isn’t linked directly to your house.
Sure, this may incur a higher rate of interest and increase the total amount that you have to repay, but it negates the need to provide collateral and potentially put one of your highest-value assets at risk.
Interestingly, unsecured loans also offer lower borrowing limits in general, although you can usually secure up to £50,000 depending on your circumstances and this should be more than enough to achieve all but the most ambitious projects.
Unsecured loans can also be taken out relatively quickly, enabling you to get started straight away and minimise any pesky delays!
- Remortgage Your Home
This is arguably the least attractive option on our list, although it does offer you access to potentially huge sums of cash depending on the underlying value of your home.
This makes it a viable option for anyone with a large-scale and ambitious project, as there’s an opportunity to borrow a sizable chunk of cash and completely renovate your property.
Of course, much also depends on how much equity you have in your home. Your age is another key factor too, as remortgaging can be incredibly expensive over time and increase duration over which you have to repay your total debt as a home-owner.
Ultimately, this should only really be considered if you need a large sum of cash and retain enough equity in your home, while securing the best possible deal should also be a key consideration as a property owner.
Disclosure: This is a partnered post