Improving Instead of Moving: Your Quick Guide

There is an increasing number of people who are choosing to save money, or borrow money, in order to improve their homes, rather than moving home. In fact, there has been an increase of over 10% in the number of homeowners who are choosing additional borrowing, compared to previous years. To compare, there has been a decrease in the number of people moving home (by nearly half).

For many, that means investing in projects like a home extension, making better use of the space they already have instead of taking on the cost and disruption of moving. It really shows that homeowners are looking to use the value tied up in their homes to improve how they live day to day. So is it something that you have been thinking about too? If you have, then here are some of the things that you can do to make sure that you can improve your home and unlock its full potential.

Look up, down and out

When you look at your home, then you need to think about the space that you have, so think about all of the space. Could you think about using loft space or perhaps a basement? Could you work with some residential architects to add a side extension? Look at the space in and around your home that is underused, and then you can see if there are any areas that can be used in a better way. It is important to remember that if you plan to make some big changes, then you might need to have approval from a mortgage lender if you are borrowing money for the changes.

Sense check your plans

It can be a good idea to speak to an estate agent locally to see what you are planning to do so that you can see what kind of ceiling there is for a home like yours, and in an area where you live; you need to check that it makes sense. You don’t want to save or borrow, to add value to your home, when really, it might be that it doesn’t add enough to cover your costs. That isn’t going to be a good way of going about things. So unless you are just adding an extension to your home for you to use, rather than doing it for money and needing to worry about getting money back at the end of it.

Be creative, but original

It might not be the time to move, but you also might not want to be moving. So it is important to bear in mind that the original house shows something that can help with the future potential of your home. If you can create a new and fresh space, while keeping something original, like windows and doors or a fireplace, then you could maintain the charm and personality of your property.

Don’t just get one quote

It can be difficult to get people in to give you quotes sometimes, but if you do want to go ahead with some home improvements, then make sure that you don’t just get one quote. At least three is a good way to show if someone is ripping you off, or if there is a pretty standard price for what you are looking at.