How to fund house upgrade?

Mimi_Arc_en_ciel

I’m not quite sure where to put this - here or the money board? Lets try here..... It may be a silly question but I’d like some input

I inherited my house a few years ago. I’ve done some (small) repair work on it and have used my savings. It’s now got to the “big” repairs. The Kitchen and Bathroom need updating but I’m not sure how to fund this.

I don’t have the savings free to cover for these, I do have a monthly surplus in money – I’m just working out “how much” – Currently its used on things like eating out, going to the cinema etc

I do have a CC debt (0%, £3k outstanding but I have the £3k in TSB accounts earning interest. This isn't included in my “savings” total)
I don’t have any other debts/mortgage etc

So, given that, how would you go about funding the upgrades?
I’ve asked about with friends, Some have suggested I get a mortgage on the house, Some have said look at CC/Loans No one has said to wait and save.

Thanks in advance

dunroving

Spareroom.co.uk? That's my plan - but may not fund your lifestyle.

Aylesbury_Duck

Do they need updating or is it largely for cosmetic/taste purposes? I'm naturally cautious so I'd wait and save. You need to calculate that "how much" so you can see whether it's a realistic thing to save for. If you can only put by £30 a month it's never going to happen so you're then looking at mortgage or loan.

Make sure you have a pot of savings you need for more important things. If you need a new boiler next week for example, could you fund that? If not, that's the sort of thing to have a pot of money for rather than upgrading kitchens and bathrooms.

Mimi_Arc_en_ciel

Have small children and no actual spare room so wouldn't be feasible but thanks

keithdc

Aylesbury_Duck wrote: »

Do they need updating or is it largely for cosmetic/taste purposes? I'm naturally cautious so I'd wait and save. You need to calculate that "how much" so you can see whether it's a realistic thing to save for. If you can only put by £30 a month it's never going to happen so you're then looking at mortgage or loan.

.

But... if its only £30 per month then it seems there is no realistic possibility of paying back the mortgage or loan.

Mimi_Arc_en_ciel

Aylesbury_Duck wrote: »

Do they need updating or is it largely for cosmetic/taste purposes? I'm naturally cautious so I'd wait and save. You need to calculate that "how much" so you can see whether it's a realistic thing to save for. If you can only put by £30 a month it's never going to happen so you're then looking at mortgage or loan.

Make sure you have a pot of savings you need for more important things. If you need a new boiler next week for example, could you fund that? If not, that's the sort of thing to have a pot of money for rather than upgrading kitchens and bathrooms.

A bit of both but more on the cosmetic side. Both rooms are desperately stuck in the 70s, the kitchen, although useable, is a pain. It was planned for a coal house with a twin tub washer... not a modern day kitchen. It's silly things like there's no vent over the cooker so the back door needs opening when cooking, there's a space for a dryer (where the twin tub went) but its behind a table (which I cant move anywhere else) and its a pain to get to, there's no much lighting so its quite dark etc. it IS liveable, but its not really convenient and it's getting quite "down" being in that room if that makes sense?

Realistically, I can save nearly £200+ a month, in the winter this will go up as some of my monies frees up. But even so, you're still talking a good few years before I have enough spare to purchase things.

My emergency fund is separate, the savings I've been using is for "rainy days" rather than that which I've put away for emergencies.

Furts

Mimi_Arc_en_ciel wrote: »

A bit of both but more on the cosmetic side. Both rooms are desperately stuck in the 70s, the kitchen, although useable, is a pain. It was planned for a coal house with a twin tub washer... not a modern day kitchen. It's silly things like there's no vent over the cooker so the back door needs opening when cooking, there's a space for a dryer (where the twin tub went) but its behind a table (which I cant move anywhere else) and its a pain to get to, there's no much lighting so its quite dark etc. it IS liveable, but its not really convenient and it's getting quite "down" being in that room if that makes sense?

Realistically, I can save nearly £200+ a month, in the winter this will go up as some of my monies frees up. But even so, you're still talking a good few years before I have enough spare to purchase things.

My emergency fund is separate, the savings I've been using is for "rainy days" rather than that which I've put away for emergencies.

You have to remember a glaring reality. You admit some improvements are cosmetic, and on these you will get little or no return. View them as vanity projects. Then use my friend as an example. After moving in he spent an extraordinary sum replacing the kitchen, the bathroom, the downstairs loo, the en suite, the floor coverings and such like. I expect he forked out £50000 on a house costing circa £300000+ and will not see one penny back because there was nothing wrong with any of these items when he moved in.


Indeed one could argue the opposite and say the home has been de-valued. The decent kitchen and appliances were all replaced by a Wren makeover(!), a poor quality composite front door was fitted, the guttering and fascias got bodged in a makeover, the handrails and features were stripped out to give a minimalist appearance... you get the idea!

Nature-calling

Interested in this list as in a similar position and curious as to who would respond. Once again Furts shares their wisdom re vanity projects- hadn't looked at some of my to-do's as that. Now motivated to save for the real essentials, sorting out a leak instead of looking for a shower enclosure and changing the patio, both nice-to-haves. Thanks Furts, advice is best served cold but well intentioned.

Mimi_Arc_en_ciel

I was wondering if I could get around using the same base units but replacing the fronts but the units are in the "wrong" place and do not maximise the space, they are rather "in the way"


I wouldn't be buying granite worktops etc, it is MSE afterall..... I think I need to look into it all properly, work out what I "need" as to what I want


Thanks!