Don’t move – improve

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 make improvements to their existing home, to adapt to their changing needs without having to move house. What’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, that’s good news for homeowners.

Tim Doherty, of the National Self Build & Renovation Centre, which is hosting a dedicated event to this very topic next 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 it’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 -15% 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% to the final value of your home, depending on the size.

Homeowners need not worry about raising the funds to pay for these improvements, as self build and renovation specialists, BuildStore, have a range of exclusive financial solutions to help. John Hay, Head of Financial Services Product Development at BuildStore explains: “One thing that can stop people from making worthwhile improvements to their homes is raising the cash to do it. Some lenders will not release the funds until the work is done, or at most in arrears at the end of pre-agreed building stages, which means homeowners are unable to access to the short term cash-flow required to fund the work.

“However, with BuildStore, you can re-mortgage from your current lender to a lender which lends on home improvement projects in stages in advance. This way, your initial release of money would re-pay your existing mortgage and then further money would be released to you in stages (up to five), as the work progresses. Getting money before each build stage starts means that you will have the cash you require to pay your labour bills and buy your materials, and will help your project run smoothly.”

The Making More Space Weekend (7th & 8th March) will include a packed programme of presentations, demonstrations and one-to-one consultations with some of the industry’s leading experts and professionals, that will ensure homeowners walk away with the confidence and knowledge to unlock the potential in their home. From planning and building regulations compliance, to designing and building new living space, visitors can learn all they need to know to help them make the most of their properties, including help with planning, budgeting, selecting materials and finding reputable tradesmen.

For comprehensive and impartial advice on making more space in your home, visit the Making More Space event (7th & 8th March 2009) at the National Self Build & Renovation Centre in Swindon. To book tickets or for more information, visit mykindofhome.co.uk