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Original poster

Run out of money for renovation - what do do next?

69 replies

dadsweb · 21/10/2021 16:12

We've done the main parts of our renovation but due to increasing materials prices and certain 'choices' by a certain S.O ;-) we've ultimately run out of money. We probably need another £40K-50K to get the nice-to-have bits done.

Has anyone been in a similar situation? Does anyone know what the options are out there for low interest loans etc?

OP posts:
Chumleymouse · 21/10/2021 16:18

2 options in my opinion, 1, borrow more money ( mortgage, loans, etc ).
2, finish it off as you earn more money.

I’d choose 2 as I don’t mind living in an unfinished house and I don’t like borrowing money.

Reallyimeanreally2022 · 21/10/2021 16:20

Is the property liveable in?

Original poster
dadsweb · 21/10/2021 16:42

The property is liveable in

OP posts:
Original poster
dadsweb · 21/10/2021 16:43

Our disposable income is very low so saving up would take far too long

OP posts:
fruitbrewhaha · 21/10/2021 16:45

It's not unusual for people to leave a bathroom unfitted or to wait for fitted wardrobes etc.

If your disposable income is low then how would you afford the loan repayments?

twointhemorning · 21/10/2021 16:48

Yes, but you'll have to pay the loan back too... We spent 6 years living in an unfinished house doing work room by room. I much prefer not to to have any debts and be paying it off years later.

lastqueenofscotland · 21/10/2021 16:49

It’s unlikely you would get a low interest loan for this. Could you afford to mortgage for a high amount?

Original poster
dadsweb · 21/10/2021 16:49

Disposable income is probably high enough to do a loan depending on the term

OP posts:
Viviennemary · 21/10/2021 16:52

This is a massive shortfall. The only way I can see of funding the whole project is to extend your mortgage. Unless help from family is available. Or just do it up a room or job at a time with smaller loans.

ItsAllComingBackToMe · 21/10/2021 16:57

How can your disposable income be too low to be able to save up but high enough so you could get a £50K loan?

CtrlU · 21/10/2021 16:59

I think best option is to do it bit by bit

Reallyimeanreally2022 · 21/10/2021 17:03

@dadsweb

Our disposable income is very low so saving up would take far too long
No chance of getting a loan op. No chance.
Reallyimeanreally2022 · 21/10/2021 17:04

Do it bit by bit. Will be satisfying and less stress

pilates · 21/10/2021 17:08

Further advance with your existing lender/remortgage

BeStillNowColin · 21/10/2021 17:20

I think if you did go down the loan route work out how much it will actually cost you and figure out if it is worth that extra money rather than living in whatever state it is in now and saving up.

Personally I would rather be debt free.

PragmaticWench · 21/10/2021 17:37

For reference our extra mortgage for £100k charges us around £500 per month. You'd need to meet the lending criteria for an extra loan or mortgage.

Original poster
dadsweb · 21/10/2021 18:50

@ItsAllComingBackToMe

How can your disposable income be too low to be able to save up but high enough so you could get a £50K loan?
That's why I'm asking really...if could get a £40/50K loan say if I could afford £200-£300 a month, but to save up that kind of money would take 20 odd years which is not a reasonable amount of time...
OP posts:
nanabow · 21/10/2021 19:01

What exactly is there left to do?

Is it plastered? Do you have a kitchen? Bathroom? Heating? Windows?

Chersfrozenface · 21/10/2021 19:03

You could look at an online calculator. For example, £400 a month repayable at 7% for 10 years would get you just under £35,000.

If any lender would give you those terms.

JuneOsborne · 21/10/2021 19:03

Yeah, I want to know what's left? Because a cheap carpet through for a couple of years instead of having luxury flooring for example, I could live with.

If you've got just a sink plumbed into the kitchen and not much else, not so much.

Seeingadistance · 21/10/2021 19:05

If you were on Grand Designs, the answer to the question in your title would be, tell Kevin MacLeod that you’re very pregnant.

If the above doesn’t apply, and the place is liveable, I’d go with doing the rest as and when you can afford it.

Ozanj · 21/10/2021 19:07

You could get a mortgage. Or scale back some things so they’re done on a bare bone budget

Beebumble2 · 21/10/2021 19:07

What are your DIY skills like? When we were young and needed to buy in London, we maxed the mortgage to buy a wreck. We gutted it, walls ceilings, floors out and did all the renovations apart from gas and plastering, out of our earning. Took 4 years, but worth it.
In order to get a bigger house ( family by then) we did the same all over again.

Original poster
dadsweb · 21/10/2021 19:08

@nanabow

What exactly is there left to do?

Is it plastered? Do you have a kitchen? Bathroom? Heating? Windows?

Most of the internal is done apart from one room BUT there are a few expensive things we want to get done outside, our garage is falling down and the garden is a mess. As I say - it's sort of nice-to-have bits.
OP posts:
Bluntness100 · 21/10/2021 19:08

But it will also take you that long to pay it back op. And more due to interest.

How much is your joint income and what is your outgoings?

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