How best to finance home renovations?

[renoplanning]

I'd appreciate some advice about the best way I should be looking to finance potential house renovations.

I'm mortgage free- and I'm estimating the cost could be around £100k (possibly £150k as I got my estimates a few years ago).

I have £60k in savings.

Is there a solution I'm not aware of where I don't need to risk my house in order to get the money I need?

I'm delighted to be mortgage free. And having recently been made redundant out of the blue (I have a new job now but the market is really tough right now) I appreciated how wonderful it is not to have any worry over losing my home.

The renovations are to convert the garage and create kitchen/diner and utility, and bedroom, to modernise existing bathroom and add new small bathroom.

We're existing in a really hard way right now., crammed into tiny space.

We both work full time, living mortgage free and with savings, so it feels unnecessary to struggle so much.

I just wondered what kind of finance I should be looking for- and would it be possible not to use the house as security?

Thanks @HelenHywater yes I originally looked into a loft conversion- that was £60k for the bare minimum, not adding any bathrooms or anything.

Yes that's a good point about interest rate on mortgage vs unsecured loan.

And yes I think it's realistic to ask my partner to pay some as there will be a fixed cost going out every month.

In making your decisions, you need to think (or get advice) about what will most add value to the house. I'm not an expert, but I know that a loft conversion (with an extra bathroom if necessary) does add at least the cost back. I don't know the age of the children who live with you, but as they get older, they spend more time in their bedrooms and extra bathroom space is also really welcome.

If they're anything like my children, they'll spend less time in the downstairs area (apart from the kitchen...). I would think if you're set on staying in that area, and if the ceiling price of the houses in your road stands for it, you'd be well advised to do a loft conversion.

I’m not sure cost wise nowadays in uk.

changing garage to be narrower to two storey would be expensive though. Hence why I suggest just leaving it as it is. It’s then a lovely big room to fit two children, otherwise you wouldn’t be able to get past a bed easily if 1m narrower.

At a guess, if you keep patio doors from dining room to garden also for now and don’t charge to new ones. Something like:

£10k for wall down, beam between kitchen and diner. New wall up between diner and living room. Plaster.

£10-15k new kitchen - depending on what you do, and if you can reuse current appliances like fridge/ oven/ dishwasher. This can be way more if you use premium kitchen and worktop so need to look around.

£10k garage conversion. New window at from and back of room, closing up door to garden, electrics, plaster.

£8-10k for adding loo under stairs. Mainly in moving wall, adding plumbing there etc.

£10k - extras. New flooring in kitchen diner, and garage. Rewiring and adding more electric points to kitchen if needed. Other stuff that might come up, or if you change other windows or doors at back, etc.

= £50k? I might be wildly out, but that’s roughly what it would cost where I am now, as labour costs in particular is high. If you can do anything yourselfs or know people maybe less. And internals like new kitchen can be as cheap or as pricey as you make it.

And I guess how your house is built and what’s retaining walls will also make a difference in costs

Yes @HelenHywater that would have the benefit of keeping the garage as it is. For bikes and lawnmower etc.

Massive issues over who gets what room - but that will be the issue whatever option we go for.

Lots of food for thought...

https://www.wrenkitchens.com/finance

wren also looks like 0% finance. You could pay say 50% now, and then the rest over 3 years monthly payments

That's all really helpful thanks @Caspianberg