1 Oct

Make use of new extension rules to add value to a home

Make use of new extension rules to add value to a home

In the current market conditions of the UK property market, it has become the case that many people with property for sale are having to abandon their hopes of moving to a new home and are simply improving their own house they live in at the moment as a result.

In September, the government announced that it would soon be relaxing the laws surrounding the amount of planning required when it comes to the extension of a property, in order to get the building industry working again and improve the value of people's homes in a market where lending conditions have left many unable to relocate to a new house.

It is hoped that the fact that this will remove the need for people to apply and wait for permission, a process which can be both costly and time consuming, more will opt to add a new room onto their home, and as a result, offer the construction industry an all new boost.

Under the changes to the law, it will be the case that anyone with a detached house will be able to add an extension of up to eight metres in size. Those in other properties will be limited to a new area which is sized no bigger than six metres from the existing wall of the house.

Prime minister David Cameron said: "This government means business in delivering plans to help people, build new homes and kick-start the economy. We are determined to cut through the bureaucracy that holds us back."

With this option available, there will be a number of different ways that you could opt to change the house as a way of making sure that the resale value of your property is higher than it was in the past when the time comes to part with it and move to something more expensive and larger. There are many different ways to do this.

One such way that you may opt to improve the house is through the addition of a new bedroom. Families will often opt to move home because of the fact that they are thinking of having kids, especially if they are trying to get out of their small first property. However, while adding a new room to your house can have the benefits of giving you more space, it will also make your home more expensive in the future.

According to a report released by Nationwide in September, the building of a new bedroom on the home could see the value of the house go up by as much as 12 per cent, making it a valuable investment for the future.

Others may opt for something a little different. The addition of a second bathroom to a home which has previously only had one can be a great way to make the home more worthy. It will also add up to six per cent to the resale value further down the line, making the equity you have in the future even better.

Other options could include a conservatory; great in the summer months for guests, or even a new garage to improve the security of your cars.

Robert Gardner, Nationwide's chief economist, said: "With housing market demand still very weak, increasing numbers of homeowners may opt to improve rather than move. Our research assesses the factors that affect the value of homes, and the potential to add value.

"Homeowners that add a loft conversion or extension incorporating a double bedroom and a bathroom can add about 23 per cent to the value of an existing three bedroom, one bathroom house."ADNFCR-1222-ID-801460874-ADNFCR

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