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Home Improvement Plans And Tips

Want to improve your home, then some home improvement is in order and here are some tips and plans on doing so.

Consider Personal Influencers First
Funding a home improvement project isn't always easy. Several personal factors such as the ability to seek financing, your age, and monthly repayment commitments need to be considered before taking on the project.

Credit Cards
Credit cards can come in handy when paying for minor home improvements. Simple cosmetic enhancements such as repainting, decorating, and even upgrading the lighting system can be paid for using the credit card. Most credit card companies offer free introductory periods for purchases for as long as you don’t max the card out. You however should pay-off your credit card dues before the interest-free period is over. Late payments count attract hefty fines by the company.

Home Improvement Loans
Home improvement loans are considerably much easier to service, and cheap too. You can borrow little amounts ranging from £7,500 to £15,000 for lower interests. Check out Money Expert guarantor loans for help.



Equity Release
Equity release enables seniors aged 55 and above unlock some of their property wealth from their homes. Equity release funds the improvements, with the costs only recovered once you die. This option is recommended for individuals that don't have anyone to inherit the house after they are gone. According to research, at least 23% of all individuals aged over 55 years prefer using equity release as compared to going for home improvement loans.

Drawdown Schemes
Drawdown schemes work in an almost similar way as equity release schemes, though are more popular. These schemes enable homeowners to release cash when, and as they need it. This helps reduce overall interest amounts significantly.

Your home will, however, need/have to be valued to enable these companies to put a value on the cash release program. The best part about this is that you can still release equity even when you still are servicing its mortgage. Experts however recommend using some of the unlocked funds to pay off the mortgage, or part of it.

Consider seeking professional financial advice before signing up for equity release. Some of these programs can put a huge dent to your state benefits and the estate's value. It would also be wise to deal with members of the Equity Release Council as well. Only these members can guarantee you financing regardless of real estate prices. This also helps you stay out of debt should your property depreciate beyond the projected amount.  Of course, everything needs to be put in writing and signed by both parties to hold up in the future.

Read/research more about equity release to understand more about it, how it works, pros and cons before signing up. This is particularly important for individuals with dependents who might need the house in the future. You should also check to see if you are eligible for equity release, and how much you can cash from the same.


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