Securing loan against proceeds from house sale

Safersurfer

Hi, I want to sell my house within the next year and want to renovate the bathroom and kitchen before doing so. I haven't got enough savings to do this, so need to take out a loan. I only have a small pension as income. My intention is to pay off the loan with the proceeds of the sale. Are there any products that will let me do this - is a homeowner loan the way to go? Thanks.

Emmia

Safersurfer said:

Hi, I want to sell my house within the next year and want to renovate the bathroom and kitchen before doing so. I haven't got enough savings to do this, so need to take out a loan. I only have a small pension as income. My intention is to pay off the loan with the proceeds of the sale. Are there any products that will let me do this - is a homeowner loan the way to go? Thanks.

Would it not be better to just sell, pricing on the basis that the kitchen and bathroom need renovation? Your buyers might have completely different taste to you - so the money you spend might not realise any increase in price, or an increase which doesn't factor in the cost of the works.

Brie

Agree - you won't get your money back on the sale as a good bathroom won't raise the price much over a bad one.  So don't go through the hassle and expense.

Safersurfer

Thanks - I've been told there would be quite a big uptick in value for this house, because the kitchen and bathroom are in quite a poor state atm. So even a fairly low budget renovation would increase the value. Unfortunately I can't really stretch to that at the moment without a loan.

Emmia

Can you provide photos of the kitchen and bathroom, MSE members may be able to suggest some low cost options which wouldn't need a loan.

Safersurfer

Emmia said:

Can you provide photos of the kitchen and bathroom, MSE members may be able to suggest some low cost options which wouldn't need a loan.

I think I'd still need a loan tbh as I have very little in way of savings. The kitchen needs new units and the bathroom a new suite and retiling. The flooring needs to be replaced too.

Emmia

Safersurfer said:

Emmia said:

Can you provide photos of the kitchen and bathroom, MSE members may be able to suggest some low cost options which wouldn't need a loan.

I think I'd still need a loan tbh as I have very little in way of savings. The kitchen needs new units and the bathroom a new suite and retiling.

Does it need new units, or could the existing units be painted? What is the issue with the current suite? Colour (not white?) (coloured suites are coming back in)