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What Are Home Improvement Loans?
Home improvement loans are personal loans that can be taken out for the purpose of improving a home. Whether you are looking to do up your kitchen or bathroom or build a loft conversion, these will all be classified as home improvement. Our loans vary from £1,000-20,000, and you can opt for repayment terms of between 12-72 months.
Why Should You Take Out Home Improvement Loans?
Home improvement costs can accumulate fairly quickly and could end up being quite costly. Personal loans for home improvement can be the ideal solution as they are quick, practical, and affordable. Home improvement costs are a small price to pay for the reward. Not only will you boost the value of your property, but you are likely to be a lot happier within a home you have invested in and are proud of. Due to the current housing crisis, people are buying new homes less and choosing instead to invest in their current properties. As a result, home improvement loans have quickly become an increasingly popular option.
Uses of Home Improvement Loans What Can You Use Home Improvement Loans For?
Home improvement loans can be used for various different purposes. Whether you are looking to improve the comfortability of your home, change the overall design, or add value to your property, home improvement loans have been made for these very purposes. Take a look below at what else you can use your personal loan for home improvements for.
1. Building a conservatory
Invest in an additional bright and atmospheric living space for your home by building a conservatory with iThink Finance. They are a great cost-effective way of adding something new and exciting to your home, and gives you the ability to enjoy beautiful natural light throughout the whole year.
In a study by This Is Money, 47% of builders and tradesmen said that extension were the most popular home improvement project.
2. Kitchen and bathroom renovations
Kitchens and bathrooms tend to be the areas of a home that people decide to extend or refurbish first. Amongst some of the more popular kitchen and bathroom renovations are things such as flooring, countertops, splashbacks, appliances, wet rooms, and tiling.
3. Loft conversions
For anyone to take advantage of some extra space in their home, a loft conversion is a great idea. Before diving right in though you must first assess which time of loft conversion to build, of which there are three different types. Read More »
These are internal loft conversions, dormer loft conversions and loft conversions that require a full removal and build. Following this, you can begin with your plans.« Show Less
4. Garage conversions
A garage conversion is an inexpensive and speedy way of adding some new living space, as well as value, to your property. Garage rooms tend to be an area of the house that quickly turn into a junk storage room, if it is not used to store your cars Read More »
So, why not consider changing things up a little bit and take better advantage of the space available? You can convert it into an office, a game room, a home cinema, or even a gym.The possibilities are endless!« Show Less
5. Architecture and interior design renovations
Sometimes we all just need a change of environment, but that doesn’t mean we want to just up and move away from our home. Read More »
Sometimes all we need to do is re-model and make some changes to the architecture and interior design of our home, whether this be for the bedrooms, or the whole property. This could mean making small changes such as changing the shade of paint on the walls, to refurbishing the space, furniture, and interiors completely.« Show Less
In reference to a study by John Lewis Finance, over 60% of the UK has some form of home improvement project planned, but are still yet to go ahead with it. It was also revealed that 22% of the UK population have been dreaming about their next home improvement for 6 years or longer.
6. Garden makeover
Your garden is a space where you can be at one with nature, and enjoy some fresh air from the comfort of your own home. So, if you have the luxury of owning a beautiful spot of land in the back of your house, it would be a shame if you didn’t make the most of its potential. You can go crazy with patio and terrace renovations, or decorate with various garden furniture and accessories - it is completely up to you!
Reasons Why You Should Take Out Loans for Home Improvement Why Should you Take out Home Improvement Loans?
Making the decision to improve and renovate your home can be due to several reasons. But have you considered all of the reasons for why home improvements can be beneficial to you and your property? If you are still undecided and are still wondering whether you should take out a loan for home improvements, here are a few of those reasons that may help you make a decision.
- Increase the value of your property
If you are planning on selling your home anytime soon or in the future, then home improvements are a great way of increasing the financial worth of your property. The best ways of increasing the value of your property tends to be from kitchen and bathroom renovations or by extending your home.
Amongst some of the more unexpected factors that could affect the value of your home are the name of your road, the taste and overall decor of your property, and the local facilities surrounding your property.
- Increase the gratification and amenity of your home
Home improvements aren’t called ‘improvements’ for no reason. In improving your home, you are likely to enjoy your home even more and benefit emotionally and physically from the renovations.
- Refurbish and modernise
When you choose to take out home improvements on your property, you can use modern home inspiration to remodel and update your home’s style. By changing small things like colours and some core pieces of décor, you can transform your home into a property that looks brand new, stylish, and contemporary.
- Fix safety issues
Not all home improvement plans will be purely aesthetic focused. There are certain things in a home that deteriorate over time and can sometimes pose safety risks. Read More »
Examples of this include leaks in the roof, electricity issues, faulty staircases, and detective smoke alarms. Taking out home improvements to improve safety measures is not only beneficial, but necessary.« Show Less
- Improve practicality and efficiency of your home
There are certain home improvements that you can make that can decrease the amount of energy and cost output of your property. Examples of this include investing in new gas and energy appliances such as smart thermostats or a new boiler.
Frequently Asked Questions FAQS
We do our best to answer all of your questions. However, if you still have questions unanswered, please check out the most frequently asked questions regarding home improvement loans below.
How do i get a copy of my credit report?
You can receive a copy of your credit report at Experian.
Can I receive any other financial support for my home improvements?
Yes, you may be eligible for financial support. Check out Citizens Advice for more information.
Can I receive bad credit home improvement loans?
Even though bad credit home improvement loans are more difficult to receive, there are still lending opportunities available at iThink Finance. We understand how important home improvement can mean to someone, so we do our best to accommodate.
How much can I borrow?
You can receive home improvement loans from £1,000-20,000.
What are your repayment terms?
You can choose a repayment term that suits you. It can vary between 12-72 months.
What happens if my home improvement loans application is denied?
If your application is denied for whatever reason, you will shortly receive some correspondence detailing why it is that you were denied, as well as details of credit reference agencies. This will then provide insight into your credit file and you can identity why it is that you were rejected.