Is now the time to kick start your home improvements?
21 September 2012: A recent survey1 reveals nearly half of homeowners are choosing to make home improvements within the next year, compared to just 8% of people who are planning to move. Among those planning to make home improvements, 72% want to update or modernise their décor, while one in ten are running out of space in their property.
If the Government’s recent proposals to relax planning laws are passed, homeowners would potentially be able to extend their home without having to go through the lengthy process of planning permission.
If you have been considering a loft conversion to expand your current home or adding the conservatory you have always wanted, then now could be the time. Extending or improving your home can be an easier and more cost effective solution instead of moving home. So if you have a growing family, this could be an option for you.
How improving your home can add value
We took a look at the value of improvements made to an average three-bedroom house and found:
• Creating an extra bathroom could add 6% to the value
• Adding another double bedroom can push up the value by 12%2
• Building an extension or loft-conversion to create a double bedroom and en-suite bathroom could add 23%3 to the value
• Increasing floor space by 10% can add 5% to the average value
See if Nationwide can help you improve your home
If you would like a top up on your Nationwide mortgage to help with home improvements then we may be able to help. As an existing customer you will benefit from our best rates.
Alternatively, if you currently have your mortgage with another lender and you are considering remortgaging for a better deal and potentially increasing your borrowing, then we have a range of mortgages that could help.
1Research conducted by YouGov. Total sample size was 2068 adults of which 1,324 were homeowners. Fieldwork was undertaken between 15th - 18th June 2012. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
2Each additional bedroom is assumed to have a floor area of approximately 13m2
3The extension/loft conversion is assumed to add approximately 30m2
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.