Home improvements and DIY have become a massively popular pass time for many people in the UK.
If you like to spend your evenings at home in front of the TV, chances are you’ve stumbled across a programme (or ten) dedicated to the subject. Due to the popularity and subsequently teachings of such shows, many people in the UK are jumping on the DIY bandwagon, with the intention of increasing the value of their homes through quality home improvements.
According to surveyed data collected by a leading finance website, many potential DIY’ers are more than happy to use home loans as a way to fund their newfound hobby. The data has revealed that almost 80% of those surveyed believe that quality home improvements such as an extension or loft conversion are likely to positively affect the value of their homes. In addition, almost 50% of those with a positive attitude towards home improvements would use a home loan (secured loan) as a means to finance the project.
Improving the quality of ones home has also become popular due to the increased costs associated with buying a new one. Over 7 ½ million people are considering some form of home improvements over the coming months, and around 10% of those who have recently completed a project are in the process of planning a second.
However, although many people undertaking such projects do so with the intention of making money, it is also important for people to remember the costs associated to home improvements can be high. If you are considering a spate of improvement on your home (especially larger projects) you must carefully consider the costs to ensure you don’t overstretch yourself financially and become indebted. Always seek professional advice.
