Feb
01
Homeowner loan for home improvements ?
By
hiya i am looking to borrow about 45,000 so i can build an extension and covert my loft do you know of any companies that are good for lending the money at a low interest rate ?
and any comments on building an extension on my garage and converting my loft is it a good idea ??
thanxs xx
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2 Comments
June 14th, 2009 at 12:28 pm
You should allocate more than 45000
June 17th, 2009 at 8:47 am
Talk to your bank about getting a home equity loan. If you have sufficient equity in the house, you should be able to get a line of credit for the addition. a home equity loan is probably the cheapest source of money. If you don’t have enough equity in the home, you can forget the idea, unless you have other assets that can be used to secure a loan, such as stocks or bonds.
Whether the improvements you want to make are worthwhile depends on many factors. The location of your house, the value of other homes in your neighborhood, the quality of the neighborhood, and whether you plan to keep the house or sell it. When you home is appraised for the loan, the appraiser may be able to advise you if the improvements are warranted.