Unsecured Personal Loans: Building Your Very Own ‘Shoffice’

Unsecured Personal Loans: Building Your Very Own ‘Shoffice’

The pandemic has completely reshaped the way we lived and worked. With multiple lockdowns and little clarity about the future of operations, many companies have accepted ‘work from home’ as the order of the day. Even offline stores seem to have evolved in order to support the way consumers behave. 

There’s a lot of ambiguity surrounding the ongoing crisis and by when will we be able to return to normalcy. As companies tackled the crisis with a work-from-home regime, employees sought innovative solutions to cope with the monotony of ‘WFH’. Some of these ideas include renovated garden spaces, patios and the trendy ‘Shoffice’.  

But in times of uncertainty, using up your savings to cover miscellaneous costs may not be the best idea. An unsecured personal loan can be your go-to solution to finance a home office project. Plus, you don’t require collateral to secure personal loans. Turn your Pinterest shoffice inspirations into reality with an unsecured personal loan. 

Read on to learn more about the working of personal loans and how you can use it to fund a quirky shoffice.  

What is an unsecured personal loan?

An unsecured personal loan is a versatile financial tool that you can use to cover both major and minor monetary needs. Depending on your circumstances, a personal loan can help you cover expenses of up to £32,000. Although, with a stellar credit score and robust financials, you may be able to borrow a much higher amount if your lender has the resources. 

The theoretical working of personal loans is as straightforward as it is in practice. You borrow a loan to cover some unplanned cost or renovation expenses and repay the loan in fixed monthly instalments at the commencement of your repayment period. You also have to pay interest on your loan until you’ve fully paid the debt off. 

Unsecured personal loans ease your financial burden by allowing you to spread the cost of your expense into affordable monthly instalments over a fixed span. While there are other alternatives to resort to if you’re in urgent need of cash, but the interest rates for these forms of credit can be unreasonable. 

You can enjoy low-interest rates on unsecured personal loans by applying with a strong credit history and stable financials. Good credit history is an indicator of responsible credit behaviour. Thus, lenders usually perceive applicants with a higher credit score as being ‘less risky’. The less risky you are, the better are your chances of securing credit. 

Repayments are a critical part of credit scoring. Missed payments could cost you up to 80 credit points, and a default could eat up to 350 credit points. Minor negligence with repayments could leave an imprint on your credit file. So, it is best to adhere to a repayment schedule to ensure timely repayments towards your debt. 

What problems can I solve with an unsecured personal loan?

There is a myriad of problems that you can solve with unsecured personal loans, apart from building a shoffice. Here’s what people often use it for:

  • Minor home improvements – patio, garden, shed renovation 
  • Household repair works
  • Debt consolidation 
  • Settle emergency medical bills
  • Cover wedding expenses 
  • Purchase of a new appliance 
  • Buy business equipment
  • Cover minor or short-term operational costs
  • Build an in-house workstation – your very own shoffice!

What is a ‘Shoffice’?

Work isn’t always fun, but your workplace can be – you can now morph your shed into a quirky workstation! Imagine a cosy yet modular and power-packed, Wi-Fi-connected sanctuary that cuts your commute to a few steps – a shoffice. 

A shoffice is essentially a compact mini-house, usually built in a garden, which you can customise as per your needs and requirements. Those working stressful jobs looking to enjoy a light and airy working space could find repose in this arrangement. 

A shoffice can come in many shapes and sizes; you can customise them depending on the structure and architecture of your house. You could perhaps start with a wooden summerhouse ordered online to see how you feel and work your way up to a bespoke garden room, which may be slightly more expensive. 

What budget will I need for Shoffice?

You can purchase a small shoffice online for as little as £1200. However, the further you get into the nitty-gritty of design and composition and move towards more expensive setups, you could expect a cost of over £9000. Bespoke gardens, on the other hand, start from £15,000 onwards. 

A shoffice can undoubtedly increment the market value of your property since a WFH utility that most homebuyers would prefer to see in their house. According to a recent study, garden offices could appreciate your home’s value up to £12,000!

Five reasons to follow the growing Shoffice trend 

Here are five reasons for you to invest in a garden office:

  • A shoffice could help you cut the distraction and pay undivided attention to work. 
  • A dedicated workplace is a great way to stay motivated and organised. 
  • Shoffices are much cheaper than renovating a room or extending your house to construct a home office. 
  • A shoffice can help you maintain a healthy work-life balance by separating your home from your work. 
  • Shoffices or garden offices are the need of the hour, and having one can certainly increase the market value of your property.

Conclusion  

Designing a shoffice of your own can be an invigorating experience – it gives you the ability to keep the boundaries between your work and personal life from blurring. But shoffices can be pricey, and given the current situation, exhausting your savings to build one may not be a wise call. 

A personal loan could help you spread your venture’s cost into smaller instalments that are much easier to repay. Weigh the pros and cons of all options available to make an informed financial decision. 

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