For the first time in years, new research has revealed that space has overtaken location as the first and foremost concern for British homeowners. In a survey of 2,000 homeowners, bigger rooms topped the list of the most important criteria when shopping for a new property, and one in six people admitted to being dissatisfied with the size of the rooms in their current home.
So what can you do? Rather than move, homeowners should look at maximizing space and adding value to the property they already have. If you need more space, but can’t afford or don’t want to move, here are some top tips for increasing the space available in your home.
Get a Loft Conversion
Start by making use of every available inch of space. For example, do you have a loft that could be converted in order to make it habitable? Making changes will require some capital, but a loft conversion tends to be quicker, easier and cheaper to obtain than its alternatives because it involves using space that’s already there as opposed to creating more. To help you finance the change, special loans are often available, such as the loft conversion options offered by Nemo Loans. However, secured loans are only to be considered by those who can comfortably afford the monthly repayments, or you could risk losing your home. A Nemo loan is secured on your home.
Build an Extension
Well-planned extensions will not only add space, but may also add value to your home. To get an idea of how much capital another bedroom will add to your property before you pay for it, take the time to look at house prices in your area. If an extension will cost more to install than it will add to the price tag, consider how much you really want the extra space.
Add a Conservatory
A conservatory is another great way to add extra space to your property, and is usually quick to build, boosts your home’s appeal, costs far less than other options and doesn’t require planning permission.
Make Some Internal Changes
Before you hand over the money for an extension or loft conversion, think about whether you could increase the space and potential of your property simply by changing the internal layout. Taking out or repositioning internal walls can significantly increase the space available to you – just refrain from reaching for the sledgehammer until you’ve ascertained that your target isn’t a load-bearing wall!
One other thing to consider before you embark on a large number of changes to your property is whether planning permission will be required. The costs and time around this should also be factored into your project timelines and budget.