We’re always talking about the benefits of a SupaLite conservatory roof – and we recently wrote an article questioning whether it’s worth replacing your conservatory roof.
A new roof isn’t the cheapest home improvement you can undertake, so once you decide it’s a good idea and you’ve got a ballpark figure, you’ll want to determine how you’re going to pay for your roof.
As with any new purchase, there are various options available to you. Unfortunately, we do not offer payment plans on our products as we work with trusted tradespeople that buy our products and install them at your leisure.
However, that doesn’t mean a conservatory roof is out of reach – there are other ways you can fund your purchase, which are:
1. Cash or Savings
2. Credit Card
3. Get a Loan
5. Equity Release
Cash is king when it comes to new conservatory roofs! If you have the payment available, you’ll save on any repayment fees in the future. The question is, do you want to invest all your savings into your conservatory roof?
That holiday to the Bahamas may look equally as appealing. If you would rather spend your cash or savings on something else, there are other ways you can raise funds to get your conservatory roof fitted.
If you like the idea of saving money for your roof, you could deposit a specific sum into a savings account every month. For example, if you deposit £500 per month and your roof is £6000, it’d take you twelve months to save.
Advantages of using cash:
- No transaction fees.
- Makes sticking to a budget easier.
- The vendor will prefer cash as they don’t have to pay credit card fees.
Disadvantages of using cash:
- If you clear out your savings, you won’t have an emergency fund to rely on.
- You don’t get as much security as you do with a credit card.
2. Credit Card
If you’re wealthy, you may be able to get a high-limit credit card, some of which go up to £20,000. Acceptance is also dependent on other factors like credit score and expenditure; credit card companies are usually vague about the limits they will give you so that you could speak to a high limit lender beforehand.
If you aren’t in a position to get a high limit card, you could consider paying off some of the cost with whatever credit card you have or can get. If you have a good credit score, you should be able to get an interest-free card and either pay it off over the interest-free period or transfer the balance when it expires.
There’s also the option to combine your credit card with cash. For example, if you have £5000 in savings, you could make the rest up with a credit card. If your card is interest-free, you’ll be saving money in the process, too.
Advantages of using a credit card:
- Opportunity to build your credit score.
- Protection on purchases.
- Chance to earn rewards or cashback.
- More protection from fraud.
Disadvantages of using a credit card:
- If you don’t clear a balance in the interest-free period, you’ll end up paying higher rates.
- You could incur fees or penalties if you don’t pay back your monthly balance or you go over your limit.
3. Get a Loan
If you’re strapped for cash or want to spend elsewhere, and you can’t get a credit card to satisfy the total cost, you could explore obtaining a loan. Loans are useful because they help you consolidate your monthly payments, so you’ll always know what’s leaving your account every month.
Personal loans are useful for small-to-midsize projects because they’re easy to get, and are usually unsecured (which means you won’t have to use your home as part of the deal). Personal loan interest is based on your credit score, so you’ll want to consider whether you’re in a respectable position before you begin applying.
Home Equity Line of Credit (HELOC)
A HELOC is a stream of revolving credit, which makes it ideal for staggered home improvements, such as an extension or garden overhaul. While HELOCs aren’t necessary for conservatory roof conversions, it could be useful if you plan to stagger the work.
For example, you might get the roof done and then wait for a few months to decorate, or if you’re installing a kitchen or a bathroom, the work will take longer.
HELOCs are secured against your home, which means you’ll get a lower interest rate – but the interest rate could fluctuate depending on market conditions.
If you don’t make your payments you run the risk of losing your home. You’ll also need to ensure you have sufficient home equity.
Home Equity Loan
Home equity loans are different from HELOCs because they come in one lump sum which you repay over a set period in fixed monthly payments. If you do have a cash lump sum as well, you can use the home equity loan for other purchases. You could also get the loan to cover both payments.
If you have an accurate idea of how much your project will cost, a home equity loan is a sensible choice as you’ll be less tempted to overspend. The downside with this type of loan is that you’ll often pay a higher interest rate than you would to remortgage.
Advantages of loaning money:
- There are always plenty of opinions available when you want to take out a loan.
- Loans are flexible, and you can usually get one that works to your requirements.
- Loans are ideal for large purchases and often come in one lump sum.
- A loan will improve your credit score.
Disadvantages of loaning money:
- You’ll always pay back more than you borrow, and it’ll be more if the interest rate is high.
- Lenders want to make sure you can afford to pay back your loan so the process can be frustrating.
You could choose to remortgage your home if you want to generate some cash, which is transferring your mortgage from one lender to another. For example, if you have £120,000 left to pay on your mortgage and your roof is going to cost £6,000, you’d need to apply for £126,000 at your remortgage.
You’ll be increasing the amount on your mortgage, so you need to be sure you’re okay with any alterations to your payments. There are also fees associated with remortgaging, so you’ll need to calculate them before you commit.
Advantages of remortgaging:
- You’ll be borrowing at a lower interest rate.
- You can switch to a product that’s more suitable for your financial situation.
- Any payments will be consolidated into your monthly mortgage payment.
Disadvantages of remortgaging:
- You’ll increase the overall cost of your debt.
- If you don’t keep up with payments you can lose your home.
- Remortgaging isn’t an overnight job, you’ll have to wait until you can remortgage unless you are happy paying exit fees.
5. Equity Release
If you’re over 55, you may be able to release some cash from your home to pay for home improvements, with the money being paid back when you die. It is subject to interest rates, so you’ll pay back more than what you borrow. You also need to think about your beneficiaries, and what they’ll do if they need to pay the money back. Read this guide from the Money Advice Service for more information.
While you can get government loans and grants for home improvements, conservatory roofs aren’t covered by them. However, if you’re saving for home improvements like new windows or doors, you could use the savings you were going to use on your roof and offset the majority of the payment to the vouchers.
Advantages of equity release:
- No monthly repayments.
- You’ll never owe more than the value of your home.
- Access the money when you need it.
Disadvantages of equity release:
- Your debt will be increased by interest rates.
- Your benefits (pension credit, savings credit) may be affected in the future.
- You can’t take out any more loans against your house.
- Your home may have to be sold to cover the debt.
4 Ways You Can Save Money in the Process
1. Know what type of conservatory you have – a lean-to conservatory will be the cheapest type of conservatory to convert. Edwardian, Victorian and gable conservatories will require more investment. Pay attention to the size and build of your conservatory; if the build looks complex and you have a huge room, your costs will rise.
2. Decide what function the room will serve – a kitchen extension will cost more than an extra living room – if you know what the room is for you’ll be able to plan your costs. Read our conservatory room ideas blog for more information.
3. Get a few different quotes – use our installer finder and get a quote for your roof, if you’re having any other work done get quotes for that too, it’ll save you money in the long run.
4. Make sure everything is ready – it may sound simple, but if you don’t ensure workers can get into your house, or you don’t clear the space around your conservatory, you could add a couple more hours of labour costs onto your bill. Make sure you’ve considered what you need to do as well as what everyone else needs to do.
Start Planning Your Finances
The sooner you get on top of your finances, the sooner you can begin work on your dream conservatory conversion! In the meantime, take a look at our favourite installs for some inspiration.