When you run out of space in your current home, the obvious option is to move to a bigger house, but is that the most cost-effective answer? In general, homeowners are moving less than they used to, and this is partly due to high property prices in some areas, the cost of moving, and taxes.
Some home purchasers find it harder to get a mortgage than they used to as mortgage lenders tighten up on lending criteria. There may just be too many hoops to leap through to get the sum that you need, and this causes a lot of stress.
Many families are therefore choosing to stay put and extend their current home. Here are some renovations and improvements that will make your living space more pleasant and that will add value to your property.
Staying in your current home
According to Howard Archer, chief economic adviser to the EY Item Club, people are understandably unwilling to take on the huge financial commitment of a new mortgage when the economic outlook is still quite uncertain.
It is understandable that they are carrying out renovations and improvements to make their living space more desirable. They are also extending to get more living space. This could be a full extension on the side or rear of the property. Others extend upward into the loft using loft conversions Bristol experts such as http://www.caineslofts.co.uk/.
The financial incentive for improving your home
Home improvements will raise the value of your home if you live in an area where the property prices are high. Adding another bedroom is the best thing you can do to add more value. It will open up your house to more potential buyers when they use search portals online. Most potential buyers search by price and location, followed by the number of bedrooms.
A large, open-plan kitchen, complete with high-spec fitted units and appliances and bi-fold doors, is always popular and adds more value to the house than the cost of the work. However, a small rear extension with additional bedrooms and an en suite bathroom will add more. A loft conversion providing an additional bedroom and an en suite bathroom will add value to a property. Houses with more bedrooms are always going to be more desirable.
Adding value to a Victorian terrace
Victorian terraces respond well to the right improvements. A side return extension adds space and makes the kitchen brighter, and extending into the roof is usually more cost-effective than digging out a basement. These houses often have small, dark rooms, so opening up the ground floor can bring in light and create the sociable space modern families want.
Original features add character and value. Many were ripped out in the past, but cast iron fireplaces and radiators can often be found at reclamation yards. Ceiling roses and cornicing are frequently lost altogether, though well-designed replacements can suit the period style.
Moving the bathroom upstairs makes a terrace far more desirable and frees up room downstairs. Rather than lose a bedroom, see whether the existing bedrooms could be made slightly smaller to fit the bathroom in. Before selling, repair gutters, window frames and tired paintwork for kerb appeal, and paint inside in light, neutral shades so buyers can picture their own plans.
Why staying and extending often makes sense
For many families, extending is a better choice than moving, and the reasons are largely financial. When property prices are high, trading up to a bigger home can be out of reach, and the difficult market means many people struggle to save enough to climb the property ladder.
Staying put also lets you keep building equity in the home you already own. That equity grows over time and can be a valuable form of saving, while keeping your monthly payments at a level you know you can afford.
So unless there is a problem with the neighbourhood itself, a home that has become too small for the family can usually be adapted. An extension or remodel can create the extra living space you need without the upheaval and expense of a move, and well planned work can add to the value of the property at the same time.