Consumers are seeking home improvement loans in even greater numbers and to many experts, this is a sign that consumers are seeking to raise the value of their home in these bad times. Home improvement loans can be used for a variety of different needs, and with the right remodeling, it is possible to get an increase in the overall value of a home.
David Wishart, director of Lloyds TSB Personal Loans, said: “For the last decade homeowners have been able to sit back and rely on rising property prices to increase the equity in their home but sadly this is no longer possible. If you want to trade up and avoid substantially increasing your mortgage, you’ll need to add value to the house you’re currently in.”
TV presenter and property finder, Phil Spencer, warned homeowners not to treat home improvement projects lightly: “In a buoyant market, people taking on a home improvement project could get away with less than perfect preparation or some slapdash sums, as their mistakes were covered by rising property prices. However, in today’s environment it is vital you plan any project thoroughly to ensure maximum return on investment.”
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