Would you take out a home improvement loan?

Recently we have been undertaking rather a lot of home improvements. Almost all of these have been cosmetic, a bit of paint here; crack sealed here, new furniture, new light switches and door handles. Costs have been relatively low for us so far but now the house is taking shape my plans for it seem to be expanding and my dreams are getting bigger.

I am not a big one for borrowing money but I would look at home improvement loans to fun house projects if I felt they added value to the home in monetary as well as aesthetic terms. For example an extra bathroom downstairs can add considerable value to your house when you come to sell it and could really be worthwhile.

I would LOVE to extend the kitchen and have a big kitchen-diner-playroom as all one room. It may be well worth seeing what kind of value this would add. How nice to be able to cook whilst watching the kids playing. I really should look into this. It doesn’t have to be a pipe dream. I would also like to build a porch at some point and keep all the muddy wet things outside the house!  

wellie

I have taken loans to fund big enterprises in the past so I know I can manage them. I am actually very through and organised with money so I consider such things in depth and have a good look around at my options You really must feel ‘comfortable’ with what you are borrowing  Important I think if you are to take out a loan. . For example car loans are something we have both had and felt very comfortable with (there is no way we could have bought our cars at the time without them.)

I am trying to think of other times I have taken out loans. I once took a Hitatchi personal loan for a relative who was quickly repaid as I knew it most definitely would be.

I guess to sum out I would say I think hard about loans, make sure I can repay them and see if they will work for me. I would never use them on a whim or just because I wanted something. It would have to be because an item was necessary or a good investment.

How do you feel about loans?

 hitachi personal finance

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