To move or improve that is the question
August 30, 2010
With house prices as unpredictable as the current climate, my sympathy goes out to those in that vexed position of not knowing whether to sell their home or stay. According to most pundits, the good news is that house prices will recover; the bad news is that this is unlikely to happen for at least another year or so.
For many estate agents, the situation appears optimistic in that new properties are steadily coming onto the market; after all, if you have nothing to sell, how can you keep your business going? That is really where the good news stops I am afraid. The reason for this is simple; the first time buyers who traditionally prop up the housing market cannot make the first rung given that banks are demanding deposits of at least 40% to secure the best mortgage deals. Whilst some first time buyers are fortunate in having parents who can help "sponsor" this first move - possibly for the sake of their own sanity, for many, house buying is completely unachievable with the average deposits standing at £34,000. Until the banks revisit their lending policy, the housing market will continue to wade through metaphorical treacle.
With the banks doing their level best to reduce their lending risk, this does little to address families pressing need for enhanced living space. However, all is not lost, with a little imagination and creative thinking, your home may in fact offer more potential for expansion than we actually realise. You simply need to be pointed in the right direction to spot those hidden opportunities to either add more space or improve the existing layout.
Start by looking at all of the options for your particular house type, from extending up, out or down to changing the existing room plan. Then decide which option best meets the needs of your household and your available budget. Bear in mind that even if your extension adds less to the value of the home than what it costs, providing it gives you the space you need when moving is not a real option. Above all, please remember that we have been through property slumps before and any kind of improvement work you carry out will offer you the potential edge when you do finally come to sell and in the meantime, provides improved accommodation levels.
Five steps to increasing living space:-
- Establish your budget; to help you with this, why not visit the extension calculator located on the www.doineedplanningpermission.co.uk website? This will give you a rough estimate of anticipated costs.
- Understand your property works for you; for example, would a single ground floor space be more beneficial when compared to 2 reception rooms?
- Identify potential constraints; any works you carry out to a listed building will require consent and will have to be carried out in a way which respects the existing fabric of the building. If your house has been the subject of previous extensions, this may constrain what further building works you may be able to carry out. If the latter is the case, don't dismay, as remodelling the internal layout may be the solution.
- Consider the potential options your house offers; for example, terraced properties offer considerable opportunity for remodelling and semi-detached properties offer opportunity for loft conversions.
- Think garden; if you are lucky enough to live in a house with a large garden, why not erect a garden room?
For many of us, we enjoy where we live but are forced to move because our families have outgrown our present homes. Before you consider moving, re-evaluate your present home and who knows...
To find a company who may assist you further, simply click on the free links located on the right hand side of the page.
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