From the inbox: Should you get home loan?
Back in June I wrote an article on Money Stand about potential advantages and disadvantages of home improvement loans and received a guest post from one of our readers on their opinion as a follow up. Some great points here. Keep them coming guys!
If you have good equity in your property and would like or need a new kitchen, bathroom, etc… then a home improvement loan may be worthwhile, especially if you are planning to stay in your property for some time to come.
If however you are just improving your home because you think it will increase the property value, then you really must look at what you are improving, if it is structural work, such as a new roof, or building work then it maybe worthwhile and you may gain your money spent back by selling.
For a new bathroom or kitchen, unless your old one is desperately falling apart, you should hold off because everyone’s chose of style and design is different, you don’t want to spend thousands on internal features which may then be ripped out as soon as the new people move in; in this case keep your firmly in your pocket.
What are costs involved with homeloans?
Thank you very much for that great article – your incite into PF issues is impressive
interesting ideas = but is anyone giving homeloans since financial crisis anyway?
In truth, immediately i didn’t understand the essence. But after re-reading all at once became clear.
@ roso – This will greatly depend on your financial situation, be sure to shop around.
@ prince – Thank you. it’s comments like this that make blogging worthwhile
@ youmoney – Good point – lenders are definately still very cautious, but it’s only a matter of time in my opinion…
@ Jaxon – Errr… Thanks.. I think.