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Equipment Rental Finance?s Client Relationship Manager, Georgina Diniz explains how investing in your home could suggest a more affordable solution to moving ?

Jersey?s housing market is booming. Recent reports in the JEP confirmed that an average three-bedroom house in Jersey costs £435,000. It is becoming increasingly difficult for first time buyers or young couples with families to get a foot on the property ladder as buying a house becomes less and less achievable. Equally for those who are lucky enough to already own a property of their own, the rise in house prices may have earned them equity, but to move to somewhere bigger or better would be just as difficult to afford.

More and more people are looking at ways to increase the value of their homes further by carrying out home improvements or developing the size or scope of their properties. There are still changes you can make to your property without Planning or Building permission ? the Planning & Building (General Development) (Jersey Order 2007) offers a comprehensive guide on what alterations, additions, repairs, and improvements can be made to your home without permission, or if in doubt contact the Planning Department for further advice.

One sound investment could be to extend your home and build a conservatory. Subject to permissions and available space, a conservatory can add significant value to your home. Whether you?re looking to create a sun room, garden room or even the grandeur of an orangery ? a conservatory can help transform your home.

Conservatories are an excellent way to extend the size of your home and use the new living area as an extension for entertaining i.e. creating a dining or breakfast room. For families or those with children on the way, this extra room could also provide valuable space as a children?s play room.

Although a conservatory may sound costly, it is likely to be a much cheaper alternative to moving somewhere that offers more living space. Having that ?extra room? could add a further £50,000 to the cost of your search and that?s not including legal fees and stamp duty. What?s more when you move house you would probably want to decorate to a style that suits you and your family?s personality and that would add to the cost of the move even further.

Why not finance your conservatory?
If you were purchasing a new home, you would naturally turn to your bank or mortgage advisor to find the best deal, yet building a conservatory can also be regarded as a costly purchase, so you should consider the finance route as a more affordable solution to realising your dream.  The cost of a conservatory can be anything from £10,000 to £50,000  and even more for larger builds! So with such a large investment; it makes sense to spread the cost with finance.

Rather than pay with your hard-earned savings, why not consider the option of finance? Equipment Rental Finance (EQR) specialises in offering personal loans and secured lending for a variety of purposes including finance to help homeowners purchase the conservatory of their dreams.

If you have an idea of how much you would like to spend, talk to us and we can calculate an affordable monthly repayment schedule that enables you to afford something a bit more special. What?s more you could even borrow a little more to furnish it with some stylish furniture or add shade with custom-designed blinds.

Long-term investment
Spending money on your home today by building a conservatory could add value to your property in the future, so it?s important to view it as an investment.  An impressive conservatory can really give your home the wow factor, and if you plan to sell in the future, estate agents will tell you that a well-designed conservatory can often clinch the deal.

Getting finance just got easier
Many finance companies offer personal loans, but make sure to shop around to find a loan that suits your needs.  The lowest interest rate may not necessarily be the best deal as there are other factors to consider.  For example, if you decide to repay the loan before the final date, early repayment charges may apply (some lenders charge up to nine months interest penalty!), so it?s important to ask about this when you get a quote.

Easy application
Applying for a loan is very easy to arrange.  Ask for a quote; it?s free and you?re under no obligation to proceed.  If you do decide to take the finance route, you?ll need to provide contact details, proof of identity and address (a driving licence, passport and bank statement should suffice) along with confirmation of income ? to prove your ability to repay . If you decide to borrow to build a conservatory, you?ll also need to provide a copy of the quotation from the conservatory supplier, a property valuation and recent mortgage statement.

Quick response
Subject to you providing all the necessary information, you should receive a quick response, so it won?t hold up any negotiations or slow down your order.  You can decide whether you receive the cash or you can ask us to pay the conservatory supplier direct.

The benefits of finance
You can decide how much you wish to borrow (EQR lends from £300 upwards) and you can choose over what term you wish to repay (EQR offer a range of flexible repayment terms to fit your budget from 6 to 84 months).  So if you?re thinking about transforming your home, talk to the experts and let us help you realise your dreams.