Big Ticket Home Improvements (and How to Pay for Them)

Have You Been Putting Off The Home Improvements You Wanted To Make Due To Funding Issues? Look No Farther.

During the coronavirus, we thought the housing market would close completely. There was talk of freezing it to stop the bottom foaling out of it, but luckily that wasn’t necessary. Instead, the housing market experienced a boom not like anything seen since the early 2000s. Now that the bubble is rumoured to be bursting, we can look back and see why.

You see, with more and more of us working from home and lockdowns meaning we were confined, we started to look closer at the places we lived. Those places were capable of upgrades, there was space we weren’t using yet, there were updates to be made in grubby areas. All in all, we either moved, or we improved our homes.

Where a few of us were put off, was with the pricing of large home improvements. What did we want to improve and how did we want to pay for it? Let’s find out.

How to Pay for Big Ticket Home Upgrades?

Before we delve into the world of what exactly people were upgrading in the home, we looked at how you could pay for those improvements. There are two main ways in the current financial market. If you own your own home, then you have access to both.

The first way to pay for home improvements is by way of a homeowner’s loan. This is the traditional way you might borrow against your assets (you home) to receive a secured sum of money. The loan is for a set sum and if you overshoot your budget, you must go back to the bank.

The returning to the bank for more money problem is what puts most off a homeowner loan for a building project. If problems or delays arise, you will blow your budget. Instead, opt for a Home Equity Line of Credit. The HELOC is new to the UK and is offered by a company called https://www.selinaadvance.com/. They will let you unlock up to 80% of the value of your home, minus what you owe on the mortgage. You might not use the full amount for your home improvements, but you only pay interest on what you do use.

Big Home Improvements We Were All Making During Covid-19

Coronavirus lockdowns inspired numerous home improvements across the board in the UK. Here are some of our favourites.

1 – the Room Addition

All over the UK, homeowners were adding double bedrooms, single bedrooms, first and second storey room additions, and outhouses to their properties.

2 – the Garden Upgrade

Landscaping the garden around your property allows you to use your outdoor space as if it were another room of the house. Use it to get back to nature or to echo patterns or colour schemes.

3 – Upstairs/Downstairs

With the demand for home offices growing, many of us expanded into the attic or the cellar to add more space to the property. These are big upgrades with great rewards.