- The featured image is 4m x 4m Bespoke Garden Room by Evergreen Garden Rooms
A garden room is an excellent addition to any home. It’s a space that you can use for pretty much anything from an office to a guest bedroom or just somewhere for the kids to play. If you fancy more space but are wondering how to finance a garden room, then read on; we will explore some of the options below.
Savings
If you have savings available, then you can choose to purchase your new garden room outright. This option means that you won’t owe any interest on your purchase. Of course, not everyone has savings, so the below options will explore alternative options.
You can also use your savings to finance a garden room in conjunction with another form of financing.
This will mean that you don’t need to be paying interest on the entire cost of the garden room, only what remains after you have factored in how much money is owed by way of loans or mortgages.
Rent a Garden Room
Some of our partners offer a rental option for their garden buildings. This can be a more affordable solution for someone needing a garden office to work from. It could potentially be included under business expenses in the same way a conventional office rent would be. Find out more about that here.
We have a dedicated filter for renting on the left-hand side of the search results, so you can quickly review the garden rooms available to rent. Take a look at them here.
Below is the Cedar Pod – 2.87m x 2.27m by Eden Spaces available to rent from £63p/w
Garden Room Finance
Some garden room sellers offer finance for their products. This is similar to buying a car from a car dealership and getting finance at the dealership. The sellers have finance providers they work with to provide loans to cover the cost of the garden room. These loans are available subject to passing the credit checks.
We have several partners that provide the option to finance. You can find them quickly and easily by using the finance available filter on the left-hand side of the listings as pictured.
We are also in the process of developing our own finance calculator to offer the option of finance across all of the garden rooms on our website. Keep an eye on our social media accounts for more updates on this exciting new development. Click here to view garden rooms with finance options.
We have now partnered with iDeal 4 Finance to bring you financing options across all garden rooms on our website. You can apply via this link. Acceptance is subject to status, APR will vary depending on individual circumstances. Check out the tips below for getting credit.
Personal Loan
A personal loan is another way to obtain the financing needed to purchase a garden room. Personal loans can either be unsecured or secured against assets such as your home. Secured loans are a lower risk for the provider and usually have a lower APR; they are secured against assets such as your home. This means if you fail to keep up the repayments, you may lose the assets so consider this carefully first.
An unsecured loan is a popular choice because it isn’t secured against your home or assets. You can shop around online with comparison sites to find the best rates of interest for you. This will depend on your credit score. People with a higher credit score will secure better APR rates than those with lower scores. This is because they are a lower risk to the lender.
Equity Release
Another option is equity release. This is where a homeowner takes out one or more mortgages against their property and converts the value of this into an income. The money can be used in many ways, such as funding for renovations, retirement, holidays or even help with their children’s education fees.
Equity release is usually available to those over the age of 55. The money you release is yours to spend on what you want. This is repaid to the financiers when you die or sell your property.
One of the major benefits is that this form of finance doesn’t need to be paid back until death or sale, so that helps with peace of mind in retirement.
Tips for getting your credit application accepted
Any form of finance will need to be approved by a lender. This means you will be credit checked using data from your credit report. Below we have listed some ways to help you improve your chances of being accepted.
- Check your credit report yourself first. This is now free to do online. Make sure you check the three main companies Equifax, Experian and Trans Union, as scores may differ.
- The report will show you any errors, so they can be fixed before your application is made.
- Ensure your payments are up to date.
- Hard credit checks show up on a credit report, so if you know you’ll be applying for a loan, try not to apply for other forms of credit for a while first.
- If you have had problems with debt in the past or bankruptcy, try and find specialist providers. Your APR will likely be higher.
As you can see, there are many ways to pay for the purchase of a garden room. Before committing it is always advisable to conduct your own research into finance available to you, the interest costs, the total repayable amount and to ensure the payments are affordable. Financing a garden room is the same as financing any other large purchase such as a car. Weigh up all of your options and make the right choice for you.