The UK economy is in a strange state at presents, as while consumer confidence unexpectedly rose during January the way in which the economy is being perceived remains particularly negative.
This may have something to do with the uncertainty that underpins the near and long-term economic future in the UK, with geopolitical tensions and threat of Britain leaving the EU casting a cloud that is likely to linger for the foreseeable future. Despite this, however, consumers are still spending and driving marginal growth across various sectors.
3 ways of funding home-improvement projects in 2016
Home-owners are happy to invest in home-improvement projects in the modern age, for example, and there is nothing wrong with this so long as there remains a commitment to spend responsibly and within a predetermined budget. With this in mind, here are three viable ways of funding your home-improvement drive in the year ahead: –
Consider the use of Savings
Your choice of funding method should be at least partially determined by the motives that have inspired you to remodel your property in the first place. If you are refurbishing your home in a bid to add resale value, for example, this should be considered as an investment that justifies the use of carefully accumulated savings. Just be sure to select modifications that deliver a tangible ROI in the current economy, while also applying restrictions in terms of how much saved capital you use.
Apply for a Personal Loan
While the short-term, personal loan market has come under fire during the last few years, it remains a valuable asset when it is used responsibly by borrowers. Unsecured agreements can provide financing over a flexible term (up to five years), while they also boast favourable interest rates given the fact borrowers are not required to put up collateral. So long as you borrow an amount that you can afford to repay and prioritise making repayments, you can borrow responsibly and afford your home-improvement dreams.
Generate income by selling unwanted items
Sometimes the best solutions are the most logical, especially when generating income to refurbish and remodel your home. After all, you are likely to discard numerous items during the refurbishment, some of which may retain value and be in demand among others. By selling these items through garage sales, car boot events and even online, you can generate additional income that can be reinvested into the property.