Wednesday, January 10, 2007
Category:
Home Improvements
A surprising number of homeowners, a reported 9 million, are planning on making improvements to their properties in the coming months according to research conducted by The MarketPlace at Bradford & Bingley.
A growing number of homeowners, a reported 47%, prefer to make improvements to their property rather than relocate. Major building works such as a new extension or loft conversion feature on the list of work to be carried out.
Elliot Nathan, spokesperson for The MarketPlace, said: “Our current passion for DIY may be fuelled by more than just the ‘Linda Barker factor’, encouraged by the popularity of shows such as Changing Rooms. More and more homeowners may be responding to the still rising house prices, choosing to sit tight and make the necessary improvements to their current home rather than moving to a new one.
“In many parts of the country the jump in house prices can be quite considerable when another room is added. Homeowners are realising that it is more cost-effective to make changes to their home, such as building an extension or loft conversion, than buy a larger property, especially considering the associated costs and fees on top.
“Done properly as well, home improvements can add real value to a property. We would always advise people to seek out expert advice to ensure they are getting a good a deal as possible and are spending their money wisely. Shoddy work or work done on the cheap may have the opposite effect of devaluing the property.”
When funding DIY, research from The MarketPlace has shown that the majority, 75%, of homeowners are most likely to use existing savings or income to fund their home improvements, while 15% are likely to borrow money in the form of a personal loan and 11% consider remortgaging.
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Borrowing money in the form of a secured
personal loan is one option to fund home improvements and could also tie together all existing debt into one straightforward monthly payment. From £10,000 to £100,000, a secured loan can be repaid over a term of 5 to 25 years. Done properly, home improvements could add real value to your property without homeowners having to relocate.
