UK homeowners loft conversions go through the roof
A study conducted by AA Home Insurance reveals that British homeowners have spent more than £90billion converting unused space into living space. Areas that have been converted range from attics, garages and cellars to garden sheds.
The main reason for a fifth of homeowners undertaking such conversions are the possibility of increasing their property’s value especially with ever increasing house prices and the rise in stamp in duties. 27% cited this as the main reason behind their decision. New planning permission regulations that make the conversion process easier for homeowners also adds to the popularity for this kind of home improvement.
The study also found that 17% of homeowners would have preferred to keep the ‘dead’ space as it is, but needed more room and couldn’t afford to move. With the average house price being £210,000, a conversion is a cheap way of increasing a home’s value. () Attics were the most popular option with the average conversion costing just over £10,000. For almost half of people who chose to increase their home’s space with a conversion, the average spend was less than five thousand pounds according to the AA.
Of the 2,000 UK adults surveyed AA Home Insurance has also found that almost one in five convert to make space for adult children. The research also noted an increase in the trend of building ‘Outhouse Offices’ in an attempt to keep the office a safe distance from home, 15% of homeowners were seen to follow this trend converting their sheds and outhouses into working spaces.
Janet Pell, head of home insurance at AA Insurance, says: “Many homeowners relish turning unused or ugly areas of their homes into livable rooms as it means more space for family and less dusty boxes and clutter. But it is important that you ensure you have the appropriate building regulations approval before going ahead. And make sure you update your home insurance cover following an extension or conversion – your three-bed cottage might suddenly become a four-bed house – and of course, you’ll have additional furniture and possessions, too.”
Homeowners with growing families could find that they are lacking space. A home improvement loan, one of the many options available to finance home improvements, could allow for families to build an extra room whether to house extra beds or even a bathroom. For those who have attics, an attic conversion is a worthwhile investment and could allow for extra workspace or a place for weary guests to spend the night. With a secured loan contractors and decorators could be financed to make sure the job is carried out correctly. If homeowners find that they have funds left over from their secured loan, it could allow for other home improvements whether it’s a spot of decorating or furnishings for your new space. A home improvement loan is made payable over a term to suit the borrower from 5 to 25 years for amounts between £10,000 and £100,000.
Nemo´s typical rate is 8.9% APR variable. A NEMO LOAN 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 OR ANY OTHER DEBT SECURED ON IT. The main reason for a fifth of homeowners undertaking such conversions are the possibility of increasing their property’s value especially with ever increasing house prices and the rise in stamp in duties. 27% cited this as the main reason behind their decision. New planning permission regulations that make the conversion process easier for homeowners also adds to the popularity for this kind of home improvement.
The study also found that 17% of homeowners would have preferred to keep the ‘dead’ space as it is, but needed more room and couldn’t afford to move. With the average house price being £210,000, a conversion is a cheap way of increasing a home’s value. () Attics were the most popular option with the average conversion costing just over £10,000. For almost half of people who chose to increase their home’s space with a conversion, the average spend was less than five thousand pounds according to the AA.
Of the 2,000 UK adults surveyed AA Home Insurance has also found that almost one in five convert to make space for adult children. The research also noted an increase in the trend of building ‘Outhouse Offices’ in an attempt to keep the office a safe distance from home, 15% of homeowners were seen to follow this trend converting their sheds and outhouses into working spaces.
Janet Pell, head of home insurance at AA Insurance, says: “Many homeowners relish turning unused or ugly areas of their homes into livable rooms as it means more space for family and less dusty boxes and clutter. But it is important that you ensure you have the appropriate building regulations approval before going ahead. And make sure you update your home insurance cover following an extension or conversion – your three-bed cottage might suddenly become a four-bed house – and of course, you’ll have additional furniture and possessions, too.”
Homeowners with growing families could find that they are lacking space. A home improvement loan, one of the many options available to finance home improvements, could allow for families to build an extra room whether to house extra beds or even a bathroom. For those who have attics, an attic conversion is a worthwhile investment and could allow for extra workspace or a place for weary guests to spend the night. With a secured loan contractors and decorators could be financed to make sure the job is carried out correctly. If homeowners find that they have funds left over from their secured loan, it could allow for other home improvements whether it’s a spot of decorating or furnishings for your new space. A home improvement loan is made payable over a term to suit the borrower from 5 to 25 years for amounts between £10,000 and £100,000.
