Fintech Lifestyle

3 Ways To Finance Your Home Improvement Plans

Home Improvement Plans

December 16th, 2019   |   Updated on June 17th, 2020

Do you think it’s about time your home got an upgrade? Most homeowners have parts of their home that they’d love to fix or improve, given the chance.

Unfortunately, finding enough cash in your savings to pay for a luxury bathroom or a brand-new kitchen isn’t as easy as it seems.

Fortunately, there are strategies that you can use to find the extra money for your most-have home improvement plans. We’ve put together three quick ideas that you can use if you’re looking to transform your home this year.

1. Sell Your Old Items

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One man’s trash is another man’s treasure. That’s something that many of us have learned over the years.

If you tend to keep your old and unwanted belongings stored away in a cupboard somewhere, then now might be the time to start looking through them for things that you might be able to sell.

Just because you don’t want your old coffee machine anymore, doesn’t mean that you can’t get some good cash for it on eBay. The same goes for your collection of vintage games. Get online and find out what some of your belongings are going for on bidding sites.

You might even come across a hidden gem. There are plenty of people out there who will pay a fortune for vintage or retro collectibles.

3. Try A Personal Loan

1Personal Loan

If you’re planning on some major improvements, like converting your loft into a separate room, or adding a conservatory to your house, you’re going to need a lot more than just the cash you get from clearing out the cupboards in your spare room.

One option could be to visit here and borrow a little money in the form of a personal loan. The great thing about personal loans is that unlike other forms of lending, you’re not restricted to using the money you borrow on anything in particular.

You’ll have the opportunity to use your cash however you see fit. That could mean building a new kitchen for your house or replacing your bathroom with something new and improved.

4. Use Your Home To Create Extra Cash

Use Your Home To Create Extra Cash

Finally, if you’re planning on using your home improvements to add value to your house by building an extension, you could think about talking to your mortgage lender.

Sometimes, you may be able to borrow a little bit of extra money by switching your mortgage from one company over to another.

This is usually what happens if you’ve already paid off a bit of your loan, but you ask to borrow the value of the house again when you re-mortgage.

Remember, borrowing extra against the value of your property won’t always be the right decision for everyone.

If you try to borrow with the same lender that you got your original mortgage from, then they may charge you a different interest rate to the rest of your mortgage.

You could also be tied into a specific period for getting your cash paid back. As with any loan, make sure that you consider your options carefully before jumping into anything that you might regret.