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Have you caught the home improvement bug?
If there’s one thing Brits are famous for, it’s their love of DIY. Why pay someone else to do it when your can do it yourself?
The say an English man’s home is his castle, but that saying could actually apply to anyone living in the UK. We really are a nation that takes pride in where we live, which is why home improvements are such a popular pastime among us.
However, while many of us love nothing better than getting stuck into a spot of painting and decorating, there are some home improvements where we do need a professional helping hand – and as a result, they can cost quite a bit more.
Living the dream
Research* carried out on our behalf last year revealed that one of the most popular dream home improvements in the UK is the humble en-suite bathroom. So much for dreaming big of helicopter pads and basement bowling alleys! However, it just goes to show that we’re practical when it comes to our property aspirations – and we want practical home improvements to match.
An en-suite bathroom is a welcome addition to any busy family home. However, it’s not only a useful feature for you now, but also an investment for the future. If you can see the benefits of having an additional washroom then so will others, which could mean your home improvement boosts your property’s value and makes it more desirable to buyers.
That’s the thing about home improvements – often your hard work and investment is rewarded not just by getting your dream home, but also by recouping what you put in when you come to move.
The bathroom is sometimes referred to as ‘the smallest room in the house’ - but when it comes to installing one, the amount you have to spend might be far from petite. The fact is you not only have to buy all the units, appliances and decorating materials, but you also need to hire a plumber to fit everything – and if it’s a totally new bathroom, this means running the hot and cold water pipes into the en-suite and installing a new waste pipe too.
It’s a pricey job, which is why some homeowners choose to fund it by taking out a loan. After all, home improvements are designed to ensure your property perfectly suits your family’s needs and allow you to live there longer without outgrowing it – and that comes at a price.
So, what is a home improvement loan and what can it be used for?
You can take out a home improvement loan to fund any renovation project you want – from installing an en-suite bathroom to building a home cinema. If you don’t have the money saved to carry out the work you need, a loan like this could be the ideal solution.
Speak with tradespeople to get an idea of how much your home improvement will cost and then carefully work out how much you’ll need to borrow. This loan will be secured against your property, and you should keep in mind that if you don’t keep up with your repayments your home could be at risk.
Once you’ve secured your loan and the money is transferred to your account you can get to work immediately. And if you decide after you’ve received the cash that getting a new boiler is more of a priority than installing an en-suite, or that you really fancy a conservatory, that’s okay – you can use the funds to invest in your property in any way you want.
Is it worth it? Well, that’s something only you can decide, but as it’s an investment that will ensure your home caters exactly to your needs, and because there’s the potential for it to add value in the future, it may well be a win-win decision.
It’s no wonder we’ve all got the home improvement bug!
If you’re looking to make home improvements, you might be thinking about how you’ll finance them. Ocean’s low cost loan options could help you to afford the changes, providing you keep up with the repayments.
*Consumer Intelligence carried out a survey of a representative sample of 3,425 UK adults from 5th - 11th July 2013. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.