Summer is an ideal time to be thinking about making a few home improvements, and you may have a few ideas of about what modifications you’d like to make to your property. If they’re relatively simple jobs or you have the appropriate skills yourself, rather than call in a builder you may prefer to ‘do it yourself’.

But DIY can be expensive, and unless you have limitless finances it can be hard to make the home improvements you really want to. While some people may put it off for some far-off future time ‘when they can afford it’, and others may compromise with more modest or lower quality improvements, there is another way.

Home Improvement Loans

Taking out a loan to help pay for home improvements is not something that should be taken lightly, but it is a viable and practical way to fund the transformation you’ve always dreamed of. It’s also worth remembering that any improvements you make are likely to increase the value of your property, thus making it a sound investment.

Whether you’re refitting your kitchen, building a conservatory, adding an extra room or simply sprucing up the place, home improvement loans can provide you with the freedom to get the job done the way you want it.

Many banks and financial providers offer loans specifically tailored for individuals who want to carry out home improvements. When seeking a loan, it’s important to shop around to find a good deal which best suits your needs and circumstances.

Things to consider when taking out home improvement loans

Before taking on a loan you should first make some estimates of the amount of money you will need to complete your project. By carefully and realistically planning the improvements you will make beforehand you can reduce the risk of going over budget or, conversely, leaving yourself financially short. To err on the side of caution, it is often wise to add a little extra on top of your final sum to allow for the possibility of overspending.

The exact amount you are able to borrow for home improvements may vary from bank to bank, and will be determined by factors such as your combined household income, the value of your property, the amount of value that your project will add, and a variety of other external factors.

When choosing from the many loans available on the market you should pay close attention to the repayment terms offered and the amount of interest you will pay both monthly and over the course of the loan repayments.

By Jasmina