The price of residential properties is rising in Ireland. Especially, the properties in Dublin have recorded a significant rise from €350,000 in 2020 to €457,000 in 2025! That’s incredible. The prices are consistently rising year by year. It is the reason most homeowners consider this time as the best opportunity to sell their house.
It is especially if they want to move into a new place or the property. If you can relate, you might desire to revise the residences before selling. It is because value-added home improvements increase the total price of the property. What could be better than selling it at 2x the current property’s price?
However, no issue how willing you are to sell the property, finances prove the greatest obstacle. Ensuring important home upgrades requires you to have a good lump sum ready. High construction costs, lack of financial literacy and high cost of living make it difficult to save enough. So, what can you do to meet your home renovation requirements?
You can explore the best ways to finance the home improvements. It prevents the need to wait until saving, the uncertainty of economic changes and helps achieve the goal. The blog lists some of the best types of loans for renovations in Waterford and surrounding Irish cities. If you reside near the location or at the very place, the blog may prove helpful.
Types of loans to consider for home improvement in Waterford
The loan type you choose depends on multiple aspects. It could be the cash requirement, purpose, income, liabilities, and risk ability. You can finance the improvements in a secured and unsecured way. What you get depends on your affordability, equity in the property, future value, etc. Here are some best types of loans that you may consider for home improvement in Waterford:
1. Provident loans
Loans by Provident are also known as doorstep loans. It is a short-duration loan which you may obtain at your doorstep the same day. You may get it up to €1100 for your needs. It is, however, for small home repairs like knob repair, fixing a leaky pipe, caulking, roof correction, etc. Whatever the needs, you may consider the loan if you need money urgently at your door.
You may get loans like Provident in Ireland without a credit score, bank account or credit history. Instead, the approval depends on the income and the repayment capacity. The interest rates stay high on such loans. Therefore, one must compare the options before connecting with a loan provider.
How to fetch doorstep loans affordably?
Although interest rates stay a little competitive, you can bring the costs down. Here is how to get a doorstep loan cheaply:
- Pay off some bills to improve your credit score
- Explore the quotes by pre-qualifying
- Choose to deal with a loan company that provides the loan at the lowest APR
- Provide a valid income proof ( it should be verifiable)
- Borrow a lower amount if you believe you cannot afford much
2. Home renovation loan
It is a secured and unsecured way to finance your requirements. You can use the loan for home needs like designing a loft, landscaping, roof, and gutter repairs, repairing a boiler, etc. You have more flexibility on a renovation loan in comparison to other short-term loans.
It is because it grants you the opportunity to spread the cost of home improvement into manageable payments. Moreover, you may get a high amount on a secured home improvement loan. You can decide the type of loan you need according to the project requirements.
Go for a secured one only if you can repay the dues timely manner. Otherwise, you may lose the asset to the loan provider. Alternatively, individuals with good credit scores, financial standing and income may look out for unsecured loan quotes. It frees you from worries of losing your precious belongings. However, the interest rates are more competitive on an unsecured loan than a secured one.
| How to get an unsecured home improvement loan cheaply? | How to get a secured home improvement loan cheaply? |
| A good and consistent income may help you fetch better terms. Try to improve it before applying for the loan. | You must provide the asset that is valued exactly or more than the amount you need. The higher the property value, the cheaper the loan. |
| Borrow the amount sagaciously by considering your options and requirements. It prevents you from borrowing extra. | Remortgage or borrow money on the existing mortgage |
| Consider a guarantor if seeking an unsecured home improvement loan for a bad credit score. | Choose a shorter loan term to keep the interest costs low. |
3.Check out the cash-out mortgage mode
Cash-out mortgage is a refinancing option where you get a new mortgage term agreement replacing the existing one. It is favourable if the interest rates drop for mortgages in the economy. Cash out mortgage helps you get a larger loan, and the difference between the new and the previous loan is cash. Precisely, you tap into the home equity to get the loan. It is a secured loan, and therefore, you should choose it wisely. Here is how it works:
- You have an existing mortgage and have been paying on it for 10 years (suppose)
- The value of the property also rises after 10 years. You have built up equity (positive)
- You replace your current mortgage with a new loan.
- You get a higher amount on a new loan
- The new loan promises you more than what you currently owe
4. Home equity Line of Credit
It is a line of credit that helps you get money as much as you can afford on your finances. You can redraw money from the account after getting a basic one deposited. However, you must pay the dues according to the repayment schedule to redraw more.
You cannot redraw money after reaching the specific time limit that you agreed to. Therefore, choose the repayment time sagaciously while getting the loan.
How to get the best home equity line of credit quotes?
- Provide the best property to get a better interest rate
- You may get 80% of the property‘s equity value
- Ensure a good credit history
- Make principal payments during the agreement
- It is an essential homeowner loan; therefore, ensure that the required documents are
Bottom line
These are some best ways to renovate your home without depending on savings alone. Identify the repair requirements, the amount needed, the credit score, and affordability. These parameters will help you choose the right amount which you can pay off comfortably. Check the interest rates, compare the approximate costs before applying for a loan.
