Expansion of your dreams

Move or Improve? In this podcast, we discuss how improving your existing property to suit your lifestyle requirements better can be a great way of avoiding moving to a different home and not paying out for hefty moving costs.

Hello everyone and welcome to this podcast brought to you by Charles Cameron and Associates where today we are going to be looking at ways of improving your home instead of moving. Move or Improve? 

With many people looking for new ways to save money in the current financial climate, improving your existing property so it better suits your lifestyle requirements, instead of moving to a different home, can be a great way of not paying out for hefty moving costs, such as Stamp Duty, solicitors charges and estate agency fees. 

There are many ways to add value to your current home so, let’s have a look at some ideas: 

1. Create an open-plan living space

There’s no sign the trend for open-plan living is going anywhere soon. Creating space is relatively straightforward (although be sure to check whether any planned changes require building control approval):  

a professional builder will be able to remove a separating wall safely and could have the job done in a week –usually for under £5,000*  

*(although this will depend on any structural works that may be required) 

2. Up your bathroom game

A downstairs toilet is one of those things you didn’t know you needed until you have one. If you have ‘dead space’ – say under the stairs – a second loo delivers extra convenience and can be a factor in persuading a prospective buyer to make an offer later on.  

3. Build your own designer garden

Garden landscaping can really improve the aesthetics of your property and can be a major selling point if, or when, you do sell. 

Depending on your taste or needs, you can even consider a garden office to make use of your outside space whilst working from home. 

4. Build a ‘designer’ extension

According to the Nationwide building society, increasing your home’s floor space by 10% can add 5% to its value. However, it’s vital that any extension is designed by a rated architect. Not only will their expertise ensure your new space is used to its fullest extent but the professional finish will attract the eye of possible buyers later. 

5. Add a Work From Home loft conversion

Working from home is here to stay, which means you or any future owners may need a place to work away from the noise of family life. Loft conversions work for several reasons. Not only do they normally not require planning permission (although they might require building control approval), but any works can be confined to an out-of-the-way area of the house.  

6. De-clutter and decorate

If funds are short, you can still make your home more attractive. Firstly, take a leaf out of British artist/designer William Morris’s book and ditch anything that’s “neither useful nor beautiful”. Then, redecorate your home in a neutral, modern palette to freshen it up. 

7. Repair & Maintain your property.

Taking care of the structural aspects of your property is just as important as looking after the aesthetics, and can substantially affect the value of your home.  

Structural Issues such as subsidence could down value your property so by carrying out underpinning and repair work such as this could increase the value of your property. 

Other remedial structural work can also include: 

• Structural cracks in walls or ceilings 
• Sagging or leaking roofs 
• Rotten timber work 
• Infestations 
• Damp 
• Broken or missing roof tiles 
• Unstable chimney(s) 
• Rewiring/ Plumbing / Replacing UPVC Windows/Doors 

But what about making changes to your home to not only benefit you, but also the environment around you? 

Making ‘green’ improvements can not only increase the value of your property to future buyers but can also save you money on your energy bills in the long run. You also will be improving your impact on the planet and could qualify for a ‘Green Mortgage’ which typically offer discounted interest rates and/or cashback.   

Which improvements to make will depend on the age and build type of your home, but typical examples include: 

• Insulation, such as solid wall, cavity wall or loft insulation 
• Heating system upgrades 

• Draught-proofing 
• Installing double glazing 
• Renewable energy generation, such as wind power,  solar panels, biomass systems, or air source heat pumps 

There are many ways that you can also look to finance any works you may be planning. These can include: 

1. Your own savings 

1. Raising capital during a remortgage 

1. Raising capital with your existing provider through a ‘further advance’ 

1. A second charge mortgage (though these are typically more expensive and can come with higher restrictions on loan to value) 

1. Self Build mortgages 

A self build mortgage may be for you if you wish to do extensive works to add to your property but the affordability will not fit with standard lending due to loan to value restrictions. 

Self build loans will take on the existing debt you have against the property and lend you additional funds to complete the works on the property based on the value the property will be once the works are completed as opposed to its current condition. 

The lenders are fewer for this type of lending, and the interest rates are much higher to compensate for the higher risk this lending poses to a lender. 

There are lots of ways you can plan to make changes to your current property to service you better, and here at Charles Cameron our advisers are always on hand to talk you through the best financing options for you for any such plans.  

You can now find our Mortgage Matters podcast on a range of podcast platforms, including  

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Don’t forget, our professional friendly advisers are on hand to support you and can help you explore all of your options.