The conversion of loft spaces continue to be one of the most popular ways to add value to your home in London and surrounding Home Counties. How much each one costs can vary, depending on the size and scale of the work required.
According to a Nationwide study, a loft conversion can add as much as an extra 22% to the value of your home. The big question before you contact a company like The Loft Consultancy is how to finance a new loft conversion. Below we’ve put together some of the most common methods our customers have told us they use.
Working with The Loft Consultancy
To give you a clearer idea of how we operate, let’s explain our process a little further. Our costs work on fixed fee based on the detailed specification we supply to you during the quoting stage. The only time there will be any additional costs is when you choose to add something extra, which we will cost up before you agree to go ahead. This is entirely under your control at all times. The deposit is then placed with Independent Warranty Association (IWA) and work can begin on the loft conversion. As each stage of the loft is completed, payment will be required to move onto the next phase.
Using your savings
Although not everyone can do this, it is one of the cheapest ways to pay for a loft conversion. This is because there will no interest, which will not occur when you borrow money. A zero interest credit card, cashback credit card or reward card is a good way to pay off the balance from your savings account.
Getting a personal loan
As long as you have a strong credit history, then applying for a personal unsecured loan could be an option worth looking into. You will have to ensure you can comfortably afford the monthly repayments with the additional interest along with your normal financial commitments. Compare the interest rates being offered and how long the repayment plan will be in place before making any commitments.
Re-mortgaging your house
From our experience this is an option that a number of our clients have used to finance a loft conversion. This will usually entail a combination of extending the length of the mortgage and higher monthly payments to free up extra equity. Before you can take his option, your credit score will need to be assessed by the mortgage company, along with your current financial situation. This can a more expensive way of funding a loft conversion due to the increased length of time over which you are borrowing.