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How are you funding your property work/DIY?

(15 Posts)
Fourbyfour Sat 19-Nov-16 20:41:04

Just generally interested. How much are you paying out? Is it savings, interest free, inheritance? We've done mainly aesthetics eg new flooring throughout, painting etc ourselves from money we had. The larger projects that involve knocking down walls we don't have immediate funds for.

yongnian Sat 19-Nov-16 20:50:58

Just about to sink some money from a small pension pot into structural work. (3rd bed and 2nd bath) However DH is a time-served mason and will be doing the work himself which will obviously save massive amounts.
All other work on the house in last few years has been similar, with various pots we've earned (self employed) and with DH doing the work mostly. We use a lot of salvage/reclaimed material too.
Whenever we haven't had the immediate funds, we've just had to wait so has taken us years.

thisisbloodyridiculous Sat 19-Nov-16 23:38:12

We paid £10k from savings and borrowed £27k via money transfer credit cards as due to my self employment had limited options on borrowing.

BasinHaircut Sat 19-Nov-16 23:44:40

We took money from our previous house sale. Not a second house, but the one we sold to buy this one.

Then we thought fuck it let's get a new kitchen and took out a personal loan, which we will lump into mortgage early next year when fixed term ends.

SillySongsWithLarry Sun 20-Nov-16 07:00:25

We are saving £200 per month for home improvements and have a few things I'm paying off that are coming to an end. £126/mth tax credit overpayment ends in July and my phone contract £42/mth ends in August. Both of them will be put to the savings too it adds up quickly and we will do home improvements a bit at a time.

Fairybust Sun 20-Nov-16 08:04:15

We took 95k out on remortgage amd 35k from savings.

It was either that or move. It's been so worth it

yomellamoHelly Sun 20-Nov-16 08:12:03

Were going to add it to the mortgage. (Had got permission etc..) Ended up cashing in all the shares that we could. (Dh gets some every year though work and been there quite a few years.)

MightyMeerkat Sun 20-Nov-16 08:48:23

Savings first - I did as much of the big stuff as I could before the funds ran out.
Now I'm saving a bit each month. I'm listing the jobs in priority order and will tick one off every time I've saved enough.
I was tempted to take out a loan and get it all done at once but the Brexit uncertainty worried me.

user1471549018 Sun 20-Nov-16 08:59:27

Inheritance mainly, plus sale of a previous property. We did take out a loan to buy some of our neighbour's land once though. Sometimes if the allocated funding has been used up with big jobs, we just do the finishing bits more slowly as we are paid each month. Personally I would only feel comfortable getting a loan for renovation work if it was going to add value to the property-just in case

TeddyBee Sun 20-Nov-16 10:11:32

We had an inheritance and then remortgaged to free up extra. Then we ended up taking out a couple of personal loans when I decided I actually wanted the loft finished now rather than left as a shell and to pay for the bathrooms/garden remedial works/kitchen.

irregularegular Mon 21-Nov-16 22:17:22

We're spending all our savings. Close to 100K worth. Our income is quite irregular so we tend not to count on it - we borrow very little, keep our regular committed living expenses on the low side, and save the extra income. We probably should have pushed ourselves to put more on the mortgage in the past, but we're quite risk averse and don't want to be lying awake worrying about money.

We are also going to build a garden office for DH's work. His pension fund will buy that and his company will rent it off the pension fund.

Coughingchildren5 Tue 22-Nov-16 16:06:50

Partly money released in sale of previous house and partly through monthly income.

For each project we purchase as many materials as possible on interest free credit so we continue to accrue the meagre interest on our pot of equity. Every tenner counts!

We then pay off the credit through our regular salary instead of saving that spare income.

YelloDraw Tue 22-Nov-16 16:54:32

Bonus money. But then i'm not having THAT much work done.
Aim to live+save on salary and use bonus for one off stuff.

thenewaveragebear1983 Tue 22-Nov-16 21:36:27

We've borrowed £15k from in laws and added 2k of our own, to do essential electrical work, repair a flat roof, install an chimney liner, replace the front and back door and to split an open plan L shaped room into 3 by adding a stud wall and a sliding door 'wall' - plus decorating. It's going to be very tight but it's all essential work in our new place. We are putting our flat on the market in January which should clear that loan plus replenish our savings.

pitterpatterrain Tue 22-Nov-16 21:40:12

Planning on spending our savings. Currently have it tucked away offsetting against the mortgage until we use it.

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