More Homeowners Considering Extending Rather Than Moving
With the property market continuing to grow, house prices are rising. However, with more restrictions on lending criteria and concerns over interest rate rises, not all home owners are in a rush to move. According to a new survey, many of them are choosing to adapt their current properties rather than have the hassle and costs associated with moving.
The report published by the Federation of Master Builders says that over 20% of property owners are looking to invest in the property they already have, as they can’t afford to move to a bigger property. In many cases, they are choosing to extend the space they have available to accommodate a growing family. One third are planning to do some form of work within three years. These projects include having new bathrooms or kitchens fitted, a loft conversion, a conservatory constructed or an extension built. And when it comes to new staircases UK residents have a lot of options.
With a growing number of children choosing to live with their parents, or having to due to financial pressures, there are an increasing number of alterations taking place to accommodate this need. This requirement is most popular in London, as well as Wales and Yorkshire.
Adding Value to a Property
These homeowners might not want to move house imminently, but they are concerned about the value of their property. 50% of those who were surveyed thought that they needed to do urgent work on their home to increase its value.
In the capital, there were more property owners who were looking to make some additional money from their home following the renovations. 25% of those who own a home in London are looking to carry out work so that they can rent it out or take in a lodger.
Finding the Right Builder
One of the hardest parts of planning any type of work, including staircases UK home extensions and loft conversions, is finding a reliable and trustworthy builder. According to the results of the survey, 25% of property owners found this choice difficult. More than 50% of people were worried that they would be charged too much, and around one third had concerns that the job wouldn’t be completed.
The majority of people tend to rely on recommendations from family and friends, with over 80% choosing their builder in this way. Most property owners spend time researching and selecting a builder to carry out their work. Two-thirds of people who were asked said they looked for references, whereas just over 60% based their decision on the price they were quoted. When it comes to showcasing reliability, more than half of all respondents were looking for a builder who had a trade association membership, which provided them with an additional guarantee.
Property owners will always be divided over the best ways of extending their homes and increasing the value. Whatever work you choose to carry out, it’s important to find a building company or supplier that you feel is reliable and has the necessary skills to c