If you’ve already made your move on the property ladder and you’re now looking to take the next step to making your home your own, it could be a good time to consolidate your debt. This could help you reduce your monthly outgoings, freeing up income to spend on improving your new home. Here, we explore how a consolidation loan (like those available from companies like Nemo Loans) could help you in the exciting time once you settle into your new home. If you opt for a consolidation loan, it should however be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment period of your debts.
Clear Finances, Clear Financial Head
When you’ve moved house, the last thing that you need is to be stressing about where your money is going to be at any given time in the month, or whether it’s coming or going. By consolidating your debts, you’ll be able to keep better track of your incomings and outgoings which will help you to put together a more thorough plan of how much you can realistically afford to spend once you’ve moved in to your new home. In other words, consolidation allows you to take stock of where you’re at and plan for the future with greater ease.
Making your home your own once you’ve moved in
Once you’ve moved into your new home, you might decide that you want to make it your very own and to put your own stamp on it. You may achieve this by taking some of the money you’ve saved through consolidation and investing it in minor home improvement tasks. A fresh lick of white/cream paint and a deep clean will go a long way towards helping you feel fresh in your new home and to creating a welcoming atmosphere for when your friends and family come over to visit your new abode. You may also consider bigger improvements such as a new kitchen or bathroom.
So there you have it: how moving your money around with a consolidation loan could help you make your dream home.