One way or another, any large purchase needs funding. Here are a few tips we have picked up along the way which have helped others when purchasing a garden building.
The most cost effective way to fund is to use your own money or say yes to offers from family. Don’t rule out a loan if pulling your funds out means loosing interest or a bonus, as some loans as you’ll see can work well too.
Supplier loans can be expensive as rates can be inflated to enable a commission to be earnt by the supplier. Rates of 15 to 20% are often seen.
Ever known a bank offermoney for Free? – Buy now pay later or Interest Free loans are usually funded by your supplier with part of your purchase price (as much as 25% of it)!. So to get best value for money, we suggest sourcing your own funds.
Spread the cost with flexible finance!
At Kingdom Rooms, we understand that many customers may prefer the option of paying with finance. That is why we are proud to be partnered with established credit brokers, Ideal4Finance, to enable customers to spread the cost of your purchase with manageable monthly payments.
Ideal4Finance help thousands of people secure finance for their purchases. They use only reputable lenders and are Trustpilot-rated ‘Excellent’.
You can apply online, and decisions are made quickly. The final decision is based on your individual circumstances, including your personal credit profile, how much you want to borrow and the loan period.
There are risks involved in taking out a loan and you should ensure you can make all payments on time and in full; failure to do so can lead to financial difficulties and have a negative impact on your credit score.
If you are ready to apply, click here to begin the application process or call Ideal4Finance on 020 3617 4647 (Mon to Fri, 9am to 5pm). (Here you can make click here a link and direct it to your application page https://ideal4finance.com/apply/glaart-ltd/loan)
Kingdom Rooms are FCA approved to refer you to Ideal4Finance. As authorised brokers they can locate the best personal unsecured deals daily, with rates as low as 6.3%*
We recommend an application as this presents a number of options and is not a commitment on your part. Funding is usually open to your acceptance for a number of weeks, so no pressure. Check out both rates payable and any early repayment clause or penalty. Loans with a low penaly of perhaps one months interest may be of particular interest if you are expecting funds at a later date that copuld repay a loan.
Any rates offered are subject to status and approval.
The Legal Bit… We are not lenders and any application made are subject to approval. Rates offered may be subject to your financial history and circumstances. Should you apply and be accepted, any loan will be released directly to you and we will have no involvement in any arrangement between you and your lender. And because we think we are nice people, we are happy to recommend what could be the best rates around, even if you use the facility and buy your building elsewhere.
Glaart Limited T/A Kingdom Rooms is an Introducer Appointed Representative of Ideal Sales Solutions Ltd, t/a Ideal4Finance. Ideal Sales Solutions Ltd is a credit broker and not a lender (FRN 703401). Finance available subject to status. The rate offered is always provisional and will depend upon your personal circumstances, the loan amount and the term.
Unless used for a short period, try to avoid using a credit card as your interest rate may be quite high.
Businesses often pay a high rate for acepting card payments too, so may prefer you to pay another way. Using other funds and saving them money may help you get a better deal. Our preferred payment method is bank transfer.
It’s a case of better the Devil you know. As loan interest is generally based on risk, borrowing from a lender you already use (and have a good payment record with), may result in you paying a lower interest rate.
Many self employed people and those operating their own business may be able to make tax legal savings if the building is for business use. If employed, your employer may be able to assist too through a Benefit in Kind (BIK).
Speak to your Accountant
Speak to your Accountant as they know your business best and we liked this Accountant Specialist article.
You may be able to:
- Claim the % of the purchase cost related to your business.
- Buy personally and get tax relief on the rental amount you charge the business.
- Claim the additional cost incurred to turn this from a basic structure to a year round and comfortable workplace.
- A BIK through a supportive employer could be via a rental space for you or towards the capital cost of the building.
Important. Ensure that your actions do not leave you liable for any Capital Gains Tax (CGT) payable on a future house sale. To aid against this, our structures are not fixed to our ground screws and as such may not be deemed as ‘fixtures’. Any purchase and tax saving must be in compliance with current HM Custom requirements.