How to renovate your home with a remortgage
If you’ve found yourself a little penned in more than usual, you’ve probably thought about doing a spot of redecorating. Many people are now deciding to renovate and extend their homes than move to a new home, and it’s likely you’ve done the same!. The good news is that funding your renovation project may be easier than you think. Whether you’re planning to do a loft conversion or extend to make room for a new home office, you could fund your renovation by remortgaging.
What are the benefits of renovating?
The big question on everyone’s lips – how much value could you add to your home? As well as being able to create more space in your home for you to enjoy, renovating your home can be a good way to climb the property ladder without needing to move home (assuming that the renovation increases the property’s value). You need to bear in mind that the increased value of your home will entirely depend on the type of renovation you carry out. Some renovations can devalue your home, so it’s worth doing some research before you go ahead to make sure you’re not damaging your property’s market value. For example, creating an extra bedroom can add a significant sum, especially if it has an en-suite. However, some extensions such as extending your lounging area can tend to be less profitable. Our calculator will estimate how much value you could add to your property by carrying out the work.
How else can I fund it?
When it comes to funding your project, you should look at your overall financial situation. If you have savings that you can afford to put towards the renovation, you may consider using them. If you’re then to remortgage, you could afford to borrow a smaller amount. Alternatively, you may choose to save the cash to pay to furnish your new space. That’s it! A few simple steps, tips, and titbits can have you well on your way to building the home of your wildest dreams. All for a price that’s affordable to you. We do mean it when we say if you have any questions, or just fancy a chat about anything mentioned above, we’re more than happy to help. Give us a call and we can talk you through all your available options.
What if I want to stay with my current lender?
Another option may be to consider additional borrowing from your existing mortgage provider to fund your project. This may be a good option for you if you’re tied into a fixed term mortgage and would need to pay early repayment charges if you switch deals before it ends. However, we’d recommend you speak to your mortgage adviser about what would work best for your individual circumstances.