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With the housing fiasco meaning more homeowners are being forced to abandon plans of selling, financial advice website Motley Fool has been examining ways to finance a large-scale home improvement.
Improving the current property may be an ideal way of boosting its value and its appeal – a fact backed up by figures released by GE Money in the summer that suggested that a conservatory could add almost seven per cent to the value of the home.
Motley Fool believes there are two main ways to finance a large-scale project such as a conservatory.
The likelihood is that the person looking to carry out the home improvement is a homeowner and thus it is possible that a secured loan or a remortgage may be the best options in the absence of a five-figure cash sum.
The website points out that both options may be slightly trickier to pursue thanks to stricter lending conditions imposed in the wake of the credit crunch.
However, a low base rate of interest may encourage lenders to ease up a little in 2009, allowing homeowners to install the home improvements they desire.