How to pay for your conservatory
Written by October 9, 2014 | Posted in: Essential Tips & Advice| Published
A conservatory isn’t cheap and if you want to invest in a good quality installation that will look great and last for decades, then you’ll want to spend a few thousand pounds.
Don’t forget, with a conservatory you’ll add a wealth of value to your home, so if you come to sell-up in the future, you’ll make back the initial investment.
Let’s take a look at the different options you have to paying for a conservatory:
With a loan you can look to take advantage of low interest rates and ensure you’re not paying back too much every month. The loan allows you to pay for the conservatory in full if you don’t have the cash readily available.
For loans, there are two types to consider; secured and unsecured.
A secured loan means that the loan is protected by the provider against your house or belongings. This means it’s vital to read all the small print before signing anything. If you fail to keep up the payments as agreed, your home or car could be at risk.
With an unsecured loan, it’s only based on you. It’s not secured against any of your belongings.
With any loan you consider, make sure to look at the early repayment options and penalties in place for missed payments. There are plenty of competitive rates available.
A word of warning though, don’t use the loan companies advertised on TV with extortionate APR rates. Instead go to your bank or building society to see what they offer.
Credit cards can be shunned by many homeowners because of the fear of spiralling into more debt, but actually they can be pretty handy for large investments such as a conservatory. As with the loan though, make sure to shop around and get the best rates.
You can get a credit card with 0% interest for the first 24 months or so, and this is definitely something to consider. If you can pay off the card within the first two years then you’ll have nothing else to pay. Also, once the 24 months has ended you could transfer the remaining debt to another 0% card.
With any credit card it’s important to look at the APR (annual percentage rate) before signing up. Some can be exceedingly high and you’re bound to find a better deal elsewhere.
With a credit card it’s important to remember to treat it as you would a bank debit card. If it’s lost, report it quickly to prevent unauthorised use.
This is the ideal way to pay for a conservatory, or indeed any other home improvement you may consider. Savings have probably been built up over time and perhaps you’re not keen to spend them all in one go, but with a conservatory you have something to use for years to come.
There are many ways you can save money, from putting your money into a savings account such as an ISA or investing in Government bonds. Of course, you’ll want to consider what’s going to get you best returns and also which option is safest.