Got your eyes on a new conservatory? A bright, airy space to relax in could not only bring you joy but also boost your home's value.
But how much could a conservatory really cost you? And how can you finance one? Don't go anywhere, because we've answered all your conservatory-related questions below.
The average cost of a new conservatory ranges from £9,000 to £18,000. While that might sound expensive, it's actually relatively cheap compared to the cost of an average home extension, which can cost anything between £66,000 - £99,000.
A conservatory can be a great investment, adding an average of 5-7% to your home’s value. For example, on an £800,000 home, this could mean an increase of up to £50,000.
While it’s essentially another room, a conservatory tends to be more affordable than major renovations like a new kitchen or bathroom, making it an appealing option for homeowners looking to boost property value without overspending.
While a conservatory is one of the cheaper home improvements, that doesn't mean we can all easily afford to roll up our sleeves straightaway. There are a few ways you can finance a new conservatory – take a look below:
While credit might seem like a faster way to turn your conservatory plans into reality, saving is always the cheapest way to make any purchase. You won't need to think about repaying anything or pay a penny in interest.
You could consider automatically transferring some cash into a savings account each month. If you set up a standing order to take a set amount of cash after you've been paid, you won't even have time to notice it's gone!
For inspiration on how you can start saving, check out our guides on cash stuffing and the 50/30/20 rule.
If time isn't on your side and you're looking to add a conservatory to your home in the near future, a personal loan could be a good option.
With a personal loan, you'll receive all the cash up front, so you can get started straight away.
Then, you'll repay the total cost with monthly instalments over a set timeframe. However, remember that you'll be paying interest on top of the loan amount, which will increase the overall cost of your conservatory.
With a homeowner loan, you can often borrow more than a personal loan as you're using your home as security.
If you're after a conservatory that's a little pricier than average, or if you fancy working on other home improvements at the same time, a homeowner loan might be a better option than a personal loan.
However, it's important to understand that using your home as security comes with significant risk. If you can't keep up with repayments, your home could be at risk of repossession. Homeowner loans also typically come with longer repayment periods, which means you could end up paying more in interest over time.
If you have a good credit score, you could be eligible for an interest-free credit card. This could be a good way of spreading the cost of a conservatory without paying anything extra – as long as you repay the total remaining balance before the interest-free period ends.
Be careful though - if you don't clear the balance before the interest-free period expires, you could face high interest rates. Set up reminders for when the promotional period ends and create a repayment plan to avoid these charges.
If you don't have an interest-free credit card, it could still make sense to put a portion of the cost on plastic. If you spend over £100 with a credit card, you have the added protection with Section 75. This means that, if anything goes wrong, you could make a claim back with your credit provider.
Whichever way you choose to finance your new conservatory, make sure you take the time to shop around and find the best deals. Consider your personal circumstances carefully and only borrow what you can comfortably afford to repay.
Remember that while a conservatory can add value to your home, the most important thing is that it adds value to your daily life. Taking the time to plan your finances properly now means you'll be able to enjoy your bright new space without the worry of unmanageable debt.
Disclaimer: We make every effort to ensure content is correct when published. Information on this website doesn't constitute financial advice, and we aren't responsible for the content of any external sites.
Fiona is a personal finance writer with over 7 years’ experience writing for a broad range of industries before joining Ocean in 2021. She uses her wealth of experience to turn the overwhelming aspects of finance into articles that are easy to understand.
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