How did you pay for your home improvements?

[GorgeousLadyofWrestling]

Just musing really. First time property owner and we put all our money in just buying the place. The kitchen and bathroom really need updating and I had assumed we’d need a year or so to save up. (I was VERY naive about the cost of kitchens!)

But my friend mentioned she used home improvements loans to do hers. It never eve occurred to me to do that 🤷🏻‍♀️ I think I must be very inexperienced and green about all these things!

@IndecentFeminist well, I guess it is liveable of course but we got the flat cheap because it hadn’t been updated since the 70’s and an elderly couple had lived here, and safely developed dementia.

We have a very minimum amount of time we can spend here as we are a family of five in a two bed flat. My eldest is 8 and he will need his privacy in the next few years. So ideally we would bring it up to a modern standard as economically as possible so that we can get as much for it as we can when we have to move. If we knew we could live here for ten + years, I would just save slowly, but it is tempting to look at finance.

Safely = sadly.

Flats are more straightforward as you can’t do any structural work anyway. If it’s a simple kitchen replacement on a budget, the Ikea 0% plan sounds v good as they’re cheap (but decent) kitchens in the first place.

If you are planning to refurbish then sell on then look at finance options. Any 0% deals are a good place to start (we did that for our boiler) otherwise really strip down what needs doing so that you are doing as much work as you possibly can yourselves, and shop around for loans for the rest.

Why don’t you add a loan to your mortgage, if you get a loan through a finance company your monthly repayments will be skyhigh as you only get it over say 5-7 years, whereas if you get a loan attached to your mortgage they will give it you over your mortgage term so 15/20 years for instance and you will pay a lot less a month

Interest rates are so low now and there are some good 0% interest free card deals so we are borrowing to top up our savings so we can do more than just the kitchen replacement we've planned. We don't have a mortgage and I don't like taking on debt but, in these conditions, it makes sense.

The majority was funded through profit we made on our first house, and then we've used savings/bonuses. However things are quite right and we're doing a top to bottom Reno so it is going to be ten years before it's done if we rely on savings. We're saving up an emergency fund now and then probably going to either remortgage or get a personal loan

We are currently looking in the Loughton, Woodford Green, Buckhurst Hill, Chigwell, and North Chingford area. Our child goes to one of the independent schools.

We saw your house and did not view only because of the garden. The price is fine and google earth shows where it is in proximity to the forest. Buckhurst Hill is not big so most people looking will have a good idea of the ease of access to forest, amenities, etc.

Your location is great. Price good. Garden not great. Space in North Chingford is great though so value for money, North Chingford wins.