There are many reasons why you may be looking to take out a secured loan to extend your property. You may be looking to sell your property and want to take the opportunity to add value to it before you put it onto the market, or your family may be outgrowing your current living space. In this circumstance, an extension to your property could be a better option than moving, which you need to factor in money and a lot of time for.
Whether it’s a larger kitchen, a conservatory to provide an extra living space, or an extra bedroom above the garage, before you make any decision, the research has to be done first. Investigate how much properties in your area are selling for, with and without these additional features. Will the extension provide the answer to your problem? Will it be a good investment? How much are you prepared to invest of your own money and how much can you afford to take out on a secured loan bearing in mind the repayments.
Consider the benefits of taking out:
1) A personal loan: This type of loan allows you to borrow a sum of money, which you repay it in equal denominations over an agreed amount of time. Personal loans can often be approved within days.
2) A secured loan: This type of loan allows you to borrow a large sum of money over a significant period of time. You can spread the repayments out to make them more manageable, using your home as security for the loan. Secured loans may take some time to go through
Once you know how much money you have to play with, make sure you research the best people to do the job. As well as the builders, you will need to investigate if your project is going to need planning permission, which can take some time. Getting a good architect on board can help you make the best use of space; an electrician is essential to ensure you are not breaking through any wiring in the walls and a plumber may be needed if it’s a kitchen or bathroom extension.
You may have friends or family who are tradespeople, which can seem like a convenient option, but even so, it is worth spending some time getting several quotes to make sure you get to right person for the job, not just the cheapest.
Once all the quotes are in and you are ready to take the plunge, it’s time to choose the right secured loan to fund your home extension.
This is a guest blog by Green Bear Loans who offer a range of secured loans to fund the larger things in life.