Homeowners now extending properties rather than opting to move
More people in the UK are now making use of the trend in improve not move, thanks to the fact that selling their home at the moment is not being seen as the best financial transaction.
According to one expert, there are now fewer people looking to sell their UK property, with the building of extensions being seen as one of the most cost effective ways to improve homes at the moment.
Anna-Marie DeSouza, editor of Build It magazine, said that these extensions, while they represented a large outlay in the short term, are seen as a way to make more money from selling a house in the future, by putting the value higher.
The reasons people are trying to move away from selling at the moment were shown by Nationwide earlier this week, when it said that there has been an decrease in the price of houses across the country.
It reported that values have fallen for four out of the last five months.
Ms DeSouza said: "People are paying more attention to their current abode and eitherupgrading to make it a lifetime home – [adding] living accommodation on the ground floor, renewable technologies to make energy affordable in the future, et cetera - or extending it to meet their family's needs."
She added that extensions such as conservatories and basements can be good ways to add extra value to the home for when it comes to time to sell it in the future.
"These two options are the most efficient and should see a good return on your investment when you come to sell. But, check the house prices in your area first. "
However, the expert also had a warning for those who are looking to improve their house with an extension.
She said that it will be important to avoid making it so different that its value will far outweigh that of any other property in the area you live in, as then it will simply not sell.
Posted at 04:51 03/08/2012