A new survey has found that people are taking out more money to improve their house before moving. This may mean painting, fixing doors, fitted bedroom furniture or new carpets.
The survey conducted by Sainsbury's Finance reviewed its customers and uncovered that 21 per cent of people taking out personal loans were for home improvement.
This is a similar figure to 2010 when it was 20.8 per cent and the total amount of borrowing for this reason reached almost £3.2 billion. It's anticipated that 2011 will follow the same trend.
It's expected people will want to maximise their assets value before they decide to try and sell it. In a recessiom, when house prices have fallen dramatically it's essential people get as much money for their property. Taking out a loan can be one way to improve their house to then sell it on and make a profit.
It seems that many people are trying to get as much money as possible for their house however their is a risk that people could make their situation worse if they don't get the amount they were looking for
ReplyDeleteHi, Debt Advice
ReplyDeleteI agree that it is a risk but people may need to do as much as they can just to sell their house with the way the market is.
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