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Improvements 'Can Add To Property Value'

Mar 9, 2008
An increasing number of homeowners are looking to renovate their homes, an industry expert claims.

According to Brian Berry, director of external affairs at the Federation of Master Builders (FMB), more people are aiming to convert the likes of garages and attics to help generate extra room in their properties. By doing so he states that consumers may also see the value of their home increase. Mr Berry reported that although a loft conversion can set consumers back by about 35,000 pounds, having such a feature implemented can add some 60,000 pounds onto the worth of their property. The surge in Britons wishing to develop their existing home was attributed to recent difficulties experienced in the housing sector.

Mr Berry pointed out that converting garage space "is relatively easy" for homeowners to get carried out and can allow them to enjoy more room on their ground floor of their property. He suggested that such home improvements may be particularly suited to those living in suburban areas. People living in areas such as central London, he stated, may discover that parking space is at a "premium".

For consumers residing in the capital and other locations that are in "the top end of the housing market" but still wishing to expand their home, the FMB director suggested that basement conversions can be of assistance. At the moment, Mr Berry stated such changes are "becoming very popular as they're the only way to create extra space and it does actually give you a huge area". However, he warned that such work could potentially be very expensive.

Those looking for an effective way to fund any type of renovation work on their property may discover that taking out a cheap homeowner loan would be of use.

The FMB director said: "I think there will be a group of people who will be looking to make better use of the space they have, because obviously the housing market is slowing down considerably. The high cost of moving - because of stamp duty and lawyers' fees - means that people are looking to either go into their basement or, what is increasingly popular, get a loft conversion [in order to] add value to the property."

He also reported that by taking the time to fit an extra bedroom, homeowners throughout the country should be able add tens of thousands of pounds to the value of their home. However in areas which already have high property values, such as London, consumers carrying out such renovation work may find they can generate even greater returns.

Meanwhile, Mr Berry pointed out that from October expanding a property could be easier for homeowners after the government brings in the planning reform bill. The move could potentially allow consumers to both convert their garage and make their kitchen larger. Such legislation, the director stated, will have a "very large impact" on the property market.

For consumers looking for an effective way to finance property improvement, a home improvement loan might be of assistance. In taking out this type of home loan, borrowers could find that not only can they afford the materials required for these projects but also hire qualified professionals to carry out such work. Last month, Legal & General's Changing Face of British Homes study showed that 87 per cent of homeowners are looking to dedicate space within their home to one of their interests. Seven per cent of those questioned state they want a snooker room and 15 per cent desire a library.
About the Author
Mark Dawson writes for the Loan Arrangers. Where visitors can compare cheap loans online, and apply for debt consolidation loans. To read more articles from Mark go to http://news.loan-arrangers.co.uk
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