According to Zoopla, converting a loft would typically set you back around £20,000, while swapping the garage for living space would cost between £10,000 and £15,000.
And while they’re usually cheaper than moving home completely, home improvements still need to be funded.
There are a few options, including equity release which can be considered:
1. Credit cards
Credit cards can work well for smaller improvements, make sure you choose one with a long introductory period with a 0% interest rate to begin with that means you can pay off the amount before you start accruing interest.
2. Home-improvement loans
If you don’t have savings available, loans are another way to fund home improvements.
Remember rates can vary so make sure you do you research and you know how long you’ll need to pay the loan back.
If you’re making significant changes to your home remortgaging is a good way to raise the necessary capital.
4. Equity release
If you’re an older homeowner you have the option to release equity from your property. This is a great way to fund home improvements. Instead of repaying monthly, the loan and interest are usually only repaid to the equity release provider when you die or enter into long term care.
No matter which route you choose to take we highly recommend speaking with an advisor before moving forward.