Because of the uncertainty in the UK housing market it seems that more people are now improving their homes instead of moving. Steve Smith a director on Inter Financial Limited specialist online loans broker said “over the last 12 months we have seen a considerable increase in the number of loan applications we are receiving for the purpose of home Improvements” he went on to say “it is the second most popular reason we see only behind the number of applications we receive for debt consolidation loans”.
So what improvements are people making?
By far the most popular seems to be the building of an extension, maybe because of a new arrival and the need of another bedroom, or possibly because the kids are getting that much bigger you cannot make them share a room anymore. Whatever the reason behind this is definitely the most popular reason for applying for home improvement loan. Closely followed by having a loft conversion carried out, again this type of improvement could provide another one or two bedrooms depending on the size of the loft.
People are also taking out loans to have their windows replaced, probably as a result of the cold weather we have been having. Replacing those old draughty sash windows with some shiny new double glazed ones not only adds value to your home it can also cut down on your heating bills, and help you to recover the money you have spent on them in time. With saving money in mind as well as having new windows fitted more and more people are solar panels and small wind turbines fitted so that they can reduce their utilities outlay. Not to mention the added benefit of reducing their carbon footprint, and adding “green value” to their home.
You then have the old faithful new kitchen and new bathroom or fitted bedroom furniture. Either of these options can make a significant difference to the overall perception of your property, and also add value when you go to sell it. One of the first things anybody takes into consideration when looking to buy a new home is the state of the kitchen. In fact so much so it can be a deal killer if the kitchen is not up to scratch. This also applies to a lesser degree to the bathroom, or en-suite bathroom. A fully tiled bathroom fitted with an up to date bathroom suite can also help tip the scale in your favour when looking at selling your property.
There are also people who are taking out secured loans to build a swimming pool in their garden or have the garden landscaped. Having a beautiful garden can bring an immense amount of pleasure in the summer months when the sun is shining. What could be more relaxing than sitting in your own beautifully landscaped garden basking in the sun in your own private sanctuary? Or maybe even splashing around in your new pool on a hot summer’s day. Helping you to keep cool and contributing to your daily exercise requirements.
Each of the improvements mentioned above will aid not only with your enjoyment of your home, but will also add value to your property when you come to sell it.