With Christmas fast approaching, are you ready to splash the cash? Check out our tips for sustainable spending.
More of us than ever before are choosing to invest in our homes rather than move.
NAEA Propertymark, the UK’s leading professional body for estate agent personnel, reported that UK local councils have seen nearly a third (29%) of an increase in the number of planning permission requests made by homeowners over the last 10 years.
Requests for loft renovations saw the greatest growth by 114% from 2008 to 2017, whilst bathroom and kitchen renovations remained the most popular projects undertaken; landscaping came in at third.
How much in value can home improvements add to your property?
In April 2018, the government’s UK house price index revealed the average property in the UK was valued at £226,906. This means a project such as a new bathroom could boost the value of your home by 5%; an extra £11,345.30, for example.
Take a look at our infographic below which illustrates other renovations you could undertake to get more bang for your buck:
Beware: don’t price yourself out of the market
When undergoing renovations, there is a risk of overpricing your property out of the market. This means even though the house itself offers a buyer more, it may be overpriced for the area in which it is located. It may seem backwards, but doing so runs the risk of not seeing the full return of your investment.
It is important to do your research. Take a look at other properties up for sale in your area and take note of what facilities it offers and to what standard. By doing so, you can make a calculated and informed decision before you commit financially.
How to fund your home improvements
We can help you fund your home improvements by lending you additional funds on top of your current mortgage, dependant on affordability checks.
A simple process, all you need to do is book an appointment with one of our mortgage advisers to discuss your circumstances to get the ball rolling.
And don’t forget… If you decide to take the plunge, make sure you source guidance from professionally approved tradesman and contact your local planning office to obtain planning permission (if needed).
Take your time, plan, be realistic with timeframes and set a budget.
Read our article ‘Should I stay or should I go: move versus improve’ for a list of key considerations you need to deliberate before taking the next step.
For further information about additional borrowing, click here.
If you are considering borrowing additional funds, please contact us and arrange an appointment. We provide a tailored and individual service, and our qualified mortgage advisers are available for Saturday appointments.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.