How To Pay For DIY Expenses During Lockdown
Home Improvements in Lockdown
In 2020, we’ve found ourselves spending a surplus amount of time at home.
Thanks to the lockdown we’re able to dedicate time to those tasks we’ve left at the bottom of the DIY to-do list. And if you’ve got a few home improvement projects up your sleeve, then you wouldn’t be alone.
Two in five (38%) Brits have undertaken DIY or home improvement projects during lockdown.
Gardening was the most popular DIY activity (57%) during lockdown, followed by spring cleaning (47%) and then (34%) painting or wallpapering rooms.
Whether you want to repaint the house, build and extension or bring in new furniture to ease life spent entirely at home – then you need to think about how you can afford it.
Don’t Use Your Emergency Budget
New bathroom tiles, a fresh lick of paint throughout the house, landscaping the garden. It all adds up!
If you find yourself constantly chipping into your savings or emergency budget for DIY and renovation projects during lockdown, then you could put yourself in a financially dangerous position – left exposed to unexpected expenses.
If you know you have a few projects to tackle, sit down and plan out a budget to cover all of it. You’ll be better off using a low-interest loan to cover those payments and repay this over time, whilst leaving your emergency funds intact.
Compare Interest Rates
During COVID, many have found themselves in financially sticky situations.
With redundancy, little support for zero hour contracts and most industries hit hard, if you have found yourself in a position to be able to afford home improvements and DIY during lockdown, you’re incredibly lucky.
But anything can happen! If nothing else, COVID has taught us that nobody is safe from unexpected expenses and a quick change in financial situation.
When looking for ways to pay for your DIY and home improvement projects in lockdown, make sure you’ve put in the research and compared the options to make sure you’re getting the best price possible.
Take A Look At Leap
Take a look at our loans and find out what we can offer you to see if using a Leap loan to pay for your DIY projects and renovations.
As we have minimal overheads, as a P2P platform we’re able to offer comparatively low interest rates compared to traditional high street credit.
Depending on whether you’re looking to add a lick of paint or completely remodel the kitchen, borrow from £500 to £15,000 to suit your needs.
We can offer rates as low as 3%, which you can repay over 1-5 years. The final interest rate we offer is dependent on credit and affordability checks. At Leap we pride ourselves on offering loans that we are confident will not negatively impact your quality life.
So – shop around, compare your options and we’ll be here to help you turn your house into a home this lockdown.