Tuesday, May 1, 2007
Category:
Secured Loans
According to Sainsbury’s Bank, the annual cost of running a home is around £11,035.
This is a significant 12% higher than the cost calculated in the year 2004/05, as much as £3.28 a day or £1,199 a year.
Robert O’May, home insurance manager at Sainsbury’s Bank, said: “It’s becoming more expensive to run a home, which makes it all the more important for homeowners to shop around to make sure they are getting the best deals available. This is not only for their mortgages and utility supplies but also their home insurance.”
Sainsbury’s Bank suggests the importance of shopping around for the best deals especially as homeowners see an increase in the cost of gas and electricity bills. These have seen the greatest increase since 2004/05 of around 27% and 19% respectively. The bulk of a homes’ cost is spent on mortgage repayments, at 60% annually. Following this is the money spent on alterations and improvements, which makes up for over 12%.
............................................................................................................................
With such an increase in the amount of money needed to run a home, some homeowners who are finding that they are in need of some finance to make vital home improvements could benefit from a
secured loan. With one straightforward monthly payment, paid over a term to suit the borrower from 5 to 25 years, a personal secured loan could provide the finances needed to pay for vital home improvements, whether it be a complete redecoration or a bigger project. Not only can simple home improvements like painting and decorating restore a house’s appearance they could in the long run increase the property’s price if it were to go on sale. Using a secured loan to Improve a property’s garden with new decking or simply a lick of paint on a garden fence could make a difference this summer especially with a forecast for plenty of warm days, perfect for outdoor barbeques and garden parties. Secured loans are one of many options to pay for home improvements.
