personal loan vs homeowner loan for work to sell property which is best

Trebordavies

hi all

we want to move this year, and i am startingto look at whether its better to get a personal loan or a homeowner loan to get some works completed in order to sell

little bit of back info, we have a good amount in equity on the property, approx £100,000 but need two bathrooms sorting out as both in dire states

i will want to pay the loan as soon as property sells, so wondering about early redemption penalties and such. i'm thinking in the region of about £10,000 as we have a few other bits and bobs to get sorted aswell.

im worried about the personal loan affecting us getting a new mortgage when we come to actually move, any advice would be great

thanks

trebor

sourpuss2021

There’s a loan sub-forum which might be a better place to ask.

mi-key

How bad are the bathrooms? You can easily fix up most bathrooms for under £1000 to give them a quick makeover and make them perfectly presentable for sale, they don't need to look like something from a posh show home. You can get a new basic suite for around £200 which makes a big difference.

You could spend £10,000 doing them, get no more money for the house, and the first thing the buyer does when they move in is rip them out and redo them. 

youth_leader

I would save every penny you have for your future purchase.  I had a few maintenance emergencies before I moved and had to spend, but you can just make sure the bathrooms are mould free and clean, clear all personal items and clutter, and have nice white towels.  If your grout is bad there is now a grout pen available.

EssexHebridean

Remember also that any borrowing at this stage is likely to impact on affordability for any future mortgage needed when you do move. 

Jonboy_1984

Have you had any estate agents round to give a valuation yet, and have you asked their opinions on the value it would potentially add?

Have you also tried getting any contractors these days, many are struggling to get anyone in…