How People Are Paying for Home Renovations in 2024

Home renovations are a great way to breathe new life into your old property. The options for transforming your living space are endless, from new flooring to upgrading your doors, or even an entirely new kitchen. But how are people funding their home renovations in 2024? 

We surveyed 2,000 UK and US adults who have renovated their homes in the past five years, to discover how they funded their renovations and where people are most likely to go over budget.

Michael Johnson at Mortgage Minder explains what to consider if you are looking to remortgage your home to pay for an upcoming renovation:

A remortgage with additional borrowing or further advance from your current mortgage lender can be a cost-effective way to finance a home renovation. Lenders have a variety of options which can allow flexibility for you to be able to hopefully improve your home within a monthly cost that you are comfortable with. 

It is always worth speaking to a mortgage broker who can assess the options and costs for you and offer their professional advice. As you can usually spread the cost over a longer term, it can prove the cheapest monthly option available. Plus, adding value to your home could allow you to benefit from better mortgage options when the work is completed.”

“If you have a good amount of equity in your home, monthly disposable income available, or your mortgage fixed period is due to end shortly, these signs can indicate that using a remortgage to fund home improvements might be the best option."

WHEN SHOULD YOU LOOK AT ALTERNATIVE OPTIONS TO FUND YOUR RENOVATION?

Michael explains, “Always make sure you can afford the monthly payments or your home could get repossessed. If you only need to borrow a small amount of money or don't have much equity in your home there might be alternative options which might work out better, but it is always worth speaking to a specialist.

HOW TO MAKE SURE YOUR RENOVATION STAYS WITHIN BUDGET

Staying within budget can be a huge task for renovators. Here are five key steps to take to ensure your remodel stays on track:

THE MOST COMMONLY DISCOVERED HIDDEN DAMAGE IN HOME RENOVATIONS

Hidden damage is one of the most common causes of renovation delays, but what are the most common issues you should look out for?

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