(EMAILWIRE.COM, March 25, 2009 ) At this time of economic instability, the housing market is at a standstill. Despite many people wanting to take advantage of lower house prices, the combination of the reduction in mortgage lending and the risk of negative equity has forced many homeowners to ‘sit tight’…
The falling house prices are however inspiring many homeowners to get the builders in and make improvements to their existing home, to adapt to their changing needs without having to move house. WhatÂ’s more, converting unused loft space, adding an extension, or switching to open plan living can add value, and with house prices still falling and the looming threat of negative equity, thatÂ’s good news for homeowners.
Tim Doherty, of the National Self Build & Renovation Centre, which is hosting a dedicated event to this very topic this month, comments, “The problems in the wider economy have left the property ladder stagnant, so homeowners are beginning to look at ways of improving and ‘future-proofing’ their homes to see them through the downturn.
“If the idea of building your own home from scratch is too daunting, then why not ‘grow’ your home – sideways, up and down, inside and outside. Converting basement space, building an extension or conservatory and transforming wasted space are cost-effective ways of adding extra living space in a property and can increase its overall value.”
The National Self Build & Renovation Centre has lots of advice and solutions to help homeowners get the most out of their properties, for the best return. Whether itÂ’s space to cater for a growing family, a home office, a granny annexe, or a garden room, there are solutions to make the most of an existing property without having to move house to get the extra space. If these improvements are done correctly, they can also help to boost the appeal and value of your property.
For example, converting your loft or basement can cost in the region of £15,000-£20,000, but it can add 10 to 15 per cent value to your home. Or, if you have off-street parking and an integral garage that has simply become cluttered with junk, why not convert the garage into living space – a home office, or a gym even.
Building an extension to create extra living space will cost a bit more and involve a bit more work, but a well designed extension could add in excess of 25 per cent to the final value of your home, depending on the size.
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