Friday, February 9, 2007
Category:
Home Improvements
Recent news from Halifax tells would be parents that when expecting a baby, life will never be the same again.
Moreover parents are reminded that they might not anticipate just how quickly they will feel the effects on their finances.
Halifax estimate that the cost of preparing for a new baby is at least £1,600. Costs can mount up even when offspring are a twinkle in parents eyes. Pregnancy tests, ovulation tests and fertility kits all come at a cost. Books to guide parents through the process add to this cost.
Mums to be need to spend around £240 just to get essential maternity wear items including jeans, trousers, tops a skirt or dress and a maternity bra. Some parents wishing to prepare for childbirth and parenting often also op for private antenatal classes in addition to those provided by the NHS. This can cost up to £100 for eight classes.
Initially, preparation for a newborn is just over £1,000. This does not take into account any changes that have been carried out in the house, nursery, moving or upgrading home and buying or upgrading to a family sized car.
Mike Regnier, head of savings at Halifax, said: "You may think that all the major costs involved with bringing up children are in the distant future. However, a significant outlay is required even before your new addition to the family makes his or her arrival. For many, the run up to a baby can signal a shopping frenzy, be it for cots, toys or just baby clothes."
...........................................................................................................................................................
Those parents who are contemplating moving house to accommodate a growing family could consider a improving what they already have with a
secured loan. A secured homeowner loan could help finance the cost of adding extra space to accommodate a growing family. Whether it be converting the garage, adding a conservatory or even carrying out a bigger project such as extending, a secured loan will provide the funds needed to get the job done. Secured loans can be repaid over a term of 5 to 25 years. Other home improvement projects that can be financed with a secured loan include refitting existing kitchens and bathrooms, adding a breakfast room, or even converting lofts or basements to add extra space for new arrivals. And when work on the house is done, homeowners could consider using any spare funds from their secured loans to add finishing touches to gardens and driveways.
