If you’ve decided it’s time to expand or make some much-needed improvements to your home, a review of your financial situation will almost certainly be on the cards. Seeing as most people don’t tend to have nest-eggs lying around for the likes of loft conversions and granny-flats, an increasingly popular way to finance home renovation is through equity release. This essentially means you can exploit your most valuable asset – your home – without having to sell up and move out.

If you’ve decided equity release is for you, there are a number of considerations to take into account. First of all you need to decide whether you want to receive the money in a lump sum or as an income. This will all depend on your situation and whether you are just looking to make a one-off renovation or manage more of an on-going project. There also tend to be two main types of equity release plan to choose from; lifetime mortgages or home reversions schemes. The former involves taking out a mortgage on your home and paying nothing until the property is sold, whereas the latter involves selling all or a percentage of your home to a reversion company, but maintaining the right to live there for the rest of your life.

Of course, major renovations such as loft conversions and granny-annexes are not the only way you can improve or add value to your property – sometimes it can be more practical and cost-effective to start small and work your way up. One such example to get the ball rolling is to enhance the security of your home. Perhaps you’ve had a recent break-in or simply want to increase the safety of your home’s possessions – either way, there are a wide range of options out there. Many companies offer high quality security systems which nowadays can be installed fairly inexpensively. Another option is to integrate bespoke secure doors into your property – extremely popular if you’re looking to increase the residual value of your home for future re-sale.

Another effective way of adding value to your property is by improving the insulation or heating system, particularly if you live in a period property where the heating may be old tired. Central heating is of course one of the most popular options, but for something a little more cosy, investing in something as simple as a wood burning stove can really make a difference and prove to be more economically efficient in the long run.

For more information on equity release, visit http://www.unbiased.co.uk/financial-advice/finance-guides/mortgages/equity-release/

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