The Bank of England has announced that £15.4 billion was shaved off mortgage debt from April to June 2013, which suggests that home owners are opting against releasing equity from their houses. Instead, it appears that record numbers of people are choosing to improve their homes with new extensions as opposed to moving to a bigger property. This is a major shift from the panic filled days of the credit crunch where people mortgaged their homes for the slightest little reason. For many homeowners, the cost of moving is prohibitive because prices are so high. This is a problem which is compounded by the crippling cost of stamp duty. For homes worth £250,000 to £500,000, stamp duty is three per cent, so someone buying a £400,000 home will pay £12,000. For homes worth more than £2million, it rises to seven percent.
When the figures are laid out like that, there is no wonder that many people are choosing to build an extra bathroom on their current property rather than upsizing elsewhere. Bathrooms are one of the most common types of house extensions. Some people like to add an en suite onto their bedroom, whereas others simply need a second one to cope with a growing family. With the prices of UK bathrooms set at very reasonable levels online, this is a trend that looks set to continue. Luxury bathrooms are all the rage at the moment and the element of ‘keeping up with the Joneses’ should not be forgotten.
There are lots of other reasons why people may be choosing to stay put instead of move elsewhere. Schooling is a major issue for adults living with children. Parents understandably want to get the best education possible for their kids, so if moving harms the chances of getting into a good school, house renovation makes much more sense.
Besides, renovating a house can be great fun. It is important to find out what everybody wants from the house first. For example, if a child asks for a fluorescent orange bathroom the parents may have very different ideas! The main thing is to compromise on any major points of disagreement. Browse ideas online as this is a superb way of visually a home without having to leave the comfort of the house. Plus, prices for house fittings are often much cheaper to order online than in a physical shop.
Drawing up a budget is crucial for any house extension to be a success. There is no point in starting to convert the loft if you are going to run out of money half way through. Work out exactly what needs to be done and shop around for quotes. It may be that you are able to carry out a lot of the work yourself. This would save on building costs, but not necessarily on time. As long as there is a clear plan of action, the mission to improve the home will set off on a good foot to future success.
About the Author – Sarah Makinson is a freelance blogger who contributes regularly to home and lifestyle blogs, such as Bathandshower.com.
