To borrow for home improvements?

hugebuyersremorse · 2024-06-29T13:04:22+00:00

I did a thread yesterday re buyers remorse and was so grateful for everyone’s constructive, helpful and positive advice. It really made me feel much better. I thought I would start a new thread as this is a different matter although still related to home-buying. If you didn’t see my last thread, our sellers left the house in a state. Work needs doing to it that we couldn’t have foreseen before. We don’t have much left in the way of cash savings to tackle this with, and would prefer to hold on to some savings (in case of bills, car repairs, and we have a baby on the way!) Our house was actually downvalued so the lender was prepared to lend us more than we have borrowed for it. Our agreement in principle was also for 70k more than we have borrowed, so it is not as though we are maxed out. AIBU to add to the mortgage by 10-15k for some home improvements in this scenario? I think it would hugely help me to relax, and we had expected to pay this amount extra anyway before the downvaluation. I am not even sure if this is something they would agree to doing so soon after we’ve drawn the funds? I understand completely that saving up is the better way; no interest, less debt. The fact is it’s not the most functional space and is hugely driving my stress levels up at a time I want to relax and nest. I would rather pay another £100 a month for the length of the mortgage and not have the stress right now - because we can afford to do it that way.

Techno56 · 29/06/2024 14:05

I have done this and would do it again, however I have never tried to borrow again so soon after taking out a mortgage so see what they say?

Original poster

hugebuyersremorse · 29/06/2024 14:07

Techno56 · 29/06/2024 14:05

I have done this and would do it again, however I have never tried to borrow again so soon after taking out a mortgage so see what they say?

Thank you. That’s my worry, it’s so soon after - they might just say no

OP posts:

MatildaTheCat · 29/06/2024 14:09

Completely makes sense. You’ll enjoy the benefits of the work for longer than if you save and also suffer less stress along the way.

Do it.

Ambleberry · 29/06/2024 14:14

I'd leave it a couple of weeks before you make a decision about borrowing.. you had a horrible shock and it might be influencing your attitude to risk. You'd need to offset the extra £150ish a month repayments for the next 25 years against all the day to day things you might want to spend the money on. Interest rates might go up again etc.

Keep the idea in your back pocket and make lists of all the stuff you would want to spend it on and prioritise them, or you'll get it and spend it and still be finding faults with the house afterwards...

Original poster

hugebuyersremorse · 29/06/2024 14:15

Ambleberry · 29/06/2024 14:14

I'd leave it a couple of weeks before you make a decision about borrowing.. you had a horrible shock and it might be influencing your attitude to risk. You'd need to offset the extra £150ish a month repayments for the next 25 years against all the day to day things you might want to spend the money on. Interest rates might go up again etc.

Keep the idea in your back pocket and make lists of all the stuff you would want to spend it on and prioritise them, or you'll get it and spend it and still be finding faults with the house afterwards...

Thank you for this. I needed some balance. We will think on it for a bit

OP posts:

Ambleberry · 29/06/2024 14:18

I speak from experience, being much better at spending money than saving it!

ProjectKettle · 29/06/2024 14:21

I dont think theres anything wrong with borrowing for home improvements, OP. We did it with our loft conversion. But how far away is your due date? The absolute worst thing would be to be in the middle of renovations when baby arrives. Can you realistically sort the money side, find the trades and get the work completed (including any delays) before say 36weeks?

If the bank has rules on how long after drawing you need to wait, it won't be the end of the world. We did our loft conversion including lowering the ceilings on the middle floor when our eldest DD was 10months - it was stressful but much better than trying to recover from birth with dust everywhere / strangers in the house etc.

I read the start of your thread yesterday - getting professional house clearers / cleaners etc to sort the worst to start with and then living with it for a bit will be fine if you have to. Nearly all of us have some house buying horror story - when we bought our first house and went to peel off the wallpaper, all the plaster fell off the walls. The whole house ended up having to be replastered, decorated etc when we had about £100 in savings. I hated that house at the time but 6years on it is our very happy family home.

Original poster

hugebuyersremorse · 29/06/2024 14:33

ProjectKettle · 29/06/2024 14:21

I dont think theres anything wrong with borrowing for home improvements, OP. We did it with our loft conversion. But how far away is your due date? The absolute worst thing would be to be in the middle of renovations when baby arrives. Can you realistically sort the money side, find the trades and get the work completed (including any delays) before say 36weeks?

If the bank has rules on how long after drawing you need to wait, it won't be the end of the world. We did our loft conversion including lowering the ceilings on the middle floor when our eldest DD was 10months - it was stressful but much better than trying to recover from birth with dust everywhere / strangers in the house etc.

I read the start of your thread yesterday - getting professional house clearers / cleaners etc to sort the worst to start with and then living with it for a bit will be fine if you have to. Nearly all of us have some house buying horror story - when we bought our first house and went to peel off the wallpaper, all the plaster fell off the walls. The whole house ended up having to be replastered, decorated etc when we had about £100 in savings. I hated that house at the time but 6years on it is our very happy family home.

I’m 5 months pregnant so have a while yet

OP posts:

JurassicClark · 29/06/2024 14:36

Give it a month.

You're in a spin thanks to the state of the place. You have two more weeks in your rented accomodation to get things cleaned up before you move in. Then I'd take another fortnight living there to see what really needs addressing and what can be left for a while.

You're in this house for the long haul, OP. There's no need to rush or act immediately. Take your time and find your feet.

Original poster

hugebuyersremorse · 29/06/2024 14:48

JurassicClark · 29/06/2024 14:36

Give it a month.

You're in a spin thanks to the state of the place. You have two more weeks in your rented accomodation to get things cleaned up before you move in. Then I'd take another fortnight living there to see what really needs addressing and what can be left for a while.

You're in this house for the long haul, OP. There's no need to rush or act immediately. Take your time and find your feet.

That is true. Thank you x

OP posts:

JurassicClark · 29/06/2024 15:15

hugebuyersremorse · 29/06/2024 14:48

That is true. Thank you x

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I have all the empathy in the world

I moved house at 7 1/2 months pregnant, and on day 3 my DH prodded the master bedroom ceiling with a broom handle and half of it collapsed. It rained heavily so we discovered the windows all leaked and we had tupperware taped to the inside of the windows to catch the streams of water pouring in..

I really wish someone had being around to tell me to take my time, I was driving myself mad with hormone-fuelled urgency and panic. It wasn't terribly productive.