Years have gone by and we’re still no closer to getting a new bathroom.
The reality is; we have no idea where to start.
If we begin at the very beginning though it always comes down to money. Simply put; how will we pay for it?
I recently realised that what stops us from inquiring to companies is that we don’t know about our financial options in getting the bathroom done. So, I’ve decided that I’m going to make it my job to research our various options to understand not only average renovating costs but also in what ways we’re able to pay for the work to be done.
Here’s what I’ve got so far…
1. Use Company Interest Free Credit
The first option that’s available is interest free credit, especially from the big retailers. This is payable by direct debit on a monthly basis, usually 3 months to 3 years and has to be a set amount according to that time. Also, it means there’s usually a deposit and maybe even a fee to pay to the company. Your credit rating will be checked beforehand.
2. Take Out a Bank Loan
It’s similar to the above but you go directly to your bank for this rather than through the company that you buy the bathroom suite, tiles, accessories and fitting from. With this I guess you have the luxury of paying off different amounts month on month compared to the credit option above but this most probably will mean that you’ll be paying extra tax the longer you take to pay it off. Credit rating is important once again so be sure to be on your best behaviour with the company you bank with 😉
This is an advantageous option if you wish to remortgage your property and include the costs of your new bathroom within your new mortgage repayments. Personally, this is appealing – although I’m still not 100% sure on how it works and what other costs may involve doing this. For example, if you have a mortgage that’s of a fixed rate for a number of years, if you wish to remortgage before that period ends there’s an extra fee to pay.
3. Borrow Money from Family
Easier said than done. Firstly, if you move past your pride, who’s to say that family has money to lend you? Secondly, you’ll have to be super organised and pay your family member off quickly or pay up regularly or there’ll be a lot of awkward family gatherings in the years to come! All joking aside, most parents would be happy to help their children renovate if they’re able to financially so all you have to do is ask. Alternatively, engaged couples can ask for donations towards this as their wedding gift or every birthday and Christmas ask for donations from family rather than presents.
No matter what way we look at it, we know that it’s not going to be a cheap job. We realise that it’s going to cost us a small fortune but we’re ready to have a nice bathroom haha. In seriousness, we’re just ready to have a bathroom that isn’t falling apart!
With these bathroom finance options at least we can figure out how long we’d be paying for and how much to ensure that we’ve got the budget for it in the coming years.
I’m hoping upon hope that this means a step towards that dream bathroom – fingers crossed!
PS: please let me know if you have other options for finance 🙂 I’d very much appreciate it if you shared via the comments below!