Financing your property renovation
Financing your property renovation
Financing your property renovation project isn’t as simple as one may first think. In a UK housing market that looks like it has just narrowly avoided a slump due to Brexit, many homeowners are turning to property renovations and extensions to create the lifestyle rather than buy it.
This isn’t limited to home ownership either, dilapidated properties are being snapped up at record prices and in record numbers as property investors and landlords look to make a bigger buck on their investment.
Property Auctioneers Eddisons said that last year (2015) over £100 million of property was sold through their auction house with a massive 80% sold on day one. However, Allsop outweighed all of the competition by selling over £800 million worth of property last year, with £445 million on residential property in the UK.
Buy Low Sell High
As with any property deal, the idea is buying a property at the lowest possible price and then where possible improve the property, within planning permission, to suit your taste and style. You should also look to add value just in case somewhere down the line you want to sell the property should your lifestyle change.
Seasoned property investors will already know the value of buy low sell high and that’s why the UK property market is clearly supporting the UK economy. Private residential property sales is a multi-billion pound industry annually.
Renovating your own property
When it comes to renovating your own property, many of us are faced with the fact that what we’d really like to have isn’t what isn’t in our price range.
Visits to websites like Pinterest have masses of design and lifestyle inspiration and accounts like the Evening Standard Homes and Property account can really give you lofty lifestyle ambitions.
But don’t despair, there are authorised and regulated traditional lenders out there willing to loan you the funds to help you get the lifestyle providing, of course, the numbers add up, especially depending on the type of loan. We’ve listed some places below to get some advice or figures:
What finance options are available?
Property renovations can be financed in a number of ways depending on your credit score and the type of property. Typical types of finance include remortgaging, bridging loans, bank loans, short term loans, additional mortgage lending, credit cards and more but you should consider the cheapest and most affordable way to do this where possible.
Renovating with Hunt Property Services
Here at Hunt Property Services, we are establishing ourselves as the go-to agent for high-end property sales and lettings as well as financing your property renovation. Typical works this year (2016) have been full kitchen extensions, loft conversions and total interior remodelling involving structural change.
As a specialist in property in London’s Woodford Bridge, our advice to many of our clients in this turbulent market is to maximise the opportunity for gain when the market returns to normality. So build up not sell up has been our advice where the opportunity presents itself.
Financing Through Hunt Property Services
Hunt Property Services now offer 0% finance for property renovations inclusive of build works and things like boilers and radiator systems. This has enabled us to help keep your renovation ideas a reality and also to allow you to stretch your budget where a cash plus finance deal can really make a difference.
As ever, we advise you always seek advice whenever committing to any finance deal, but when you look at some of the inspiration we have seen, it’s hard not to have exactly what it is you want.