A conservatory is a bright and airy space in the summer months, and it can be a cosy retreat in winter – providing you heat it or wrap up warm!
Most importantly, building a conservatory can be a much cheaper alternative to extending your property or moving house.
So, if you are considering building a conservatory, you may be wondering how you’ll go about financing it. Below we’ll go through some of the options you might consider.
Saving is best
Although other routes can seem more tempting as they may provide you with the funds in a shorter timescale, saving is always the cheapest way to make any purchase.
You won’t have to worry about repaying anything, and you’ll be able to rest easy in the knowledge that your build has been completely budgeted for.
If you’re not tied down by time constraints, consider putting some cash into a savings account or an ISA every month to earn interest while you save. This way, you’ll earn a little bit extra on everything you set aside.
Taking out a loan
On the other hand, in some cases you might not have the time to save for your home improvements. For example, if you’ve got a baby on the way and your home needs some extra space, you might consider taking out a loan.
Whether you consider a personal loan or a homeowner loan will depend on your individual circumstances. The size of the build, the type of conservatory you’re hoping to build and how much you’re planning on spending will have an impact on the type of loan that is most appropriate. You can find more information on our cheap loan options here. For help on which type of loan might suit you best, and to weigh up the pros and cons of each, click here >
As the cost of a typical conservatory can vary from around £3,000 to as much as £10,000, you’ll have to make a decision on the build you want before you apply for a loan. If you plan on doing some of the work yourself – only if you have the knowledge and skills to do so, of course – you should be able to get your conservatory built for less.
If you have any savings, it’s a good idea to pay for part of the build with the money you already have.
Remember, taking out a loan is a big financial commitment, so you should only ever consider doing so if you know you’ll be able to comfortably afford the monthly repayments. Not keeping up with the payments will damage your credit score, and falling behind on a homeowner loan risks you losing your home.
Using a credit card for part of the purchase
Another way you could fund part of your build is by using a credit card. If you have access to a card with 0% on purchases for several months, you may wish to consider spreading the cost over a duration of months to make it more affordable. In this scenario, you won’t have to pay any extra in interest, proving you clear the balance before the end of the interest free period.
If you don’t have access to a credit card like this, you could put the deposit for the build onto your credit card. That way, providing it’s over £100, you’ll benefit from Section 75 of the Consumer Credit Act. This means that should anything go wrong – such as the builders not finishing the job or the work being faulty - you can claim the entirety of the money spent on the build back from your credit card provider.
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.