More than half the homes in Britain are too small for families to live in according to research by Cambridge University. Shocking studies show that ‘rabbit-hutch’ Britain is failing to house its growing population and as a result millions are living in overcrowded properties.
The problem has now gotten so bad that the so-called “first-world” Britain has set the record for the smallest properties in Europe – and has raised serious health concerns for families in the UK. A volatile property market hasn’t done much to help either, with many would-be buyers priced out of a move and left stranded in an overcrowded home.
Even if your home is big enough for now, you could find yourself in a tight spot in the future. Families expand, kid outgrow shared bedrooms and there is always the possibility of your parents needing care and moving in with you. Which means UK homeowners have had to get more creative with their own properties in order to create more space.
Home extensions give you a bigger home for less
If you need a larger property but can’t afford to move, your first option should be to look at extending the home you already own. You can add space to your existing property at a fraction of the cost needed to move house and spare yourself the uncertainty of mortgage interest rates.
There are a couple of points you need to consider before you extend your property though. First of all you need the available space – either a loft, unused garage or enough garden space to extend your home. And then you need the relevant planning permission to legally approve your build project.
Loft conversions save you the hassle
Of all the home improvements, loft conversions are the choice of property experts for a number of financial and legal reasons. First of all you don’t need planning permission for most loft conversions, which saves you a bunch of hassle on your build project.
You’re also developing unused space, so rather than digging into the family garden you can convert your loft into an extra room, without losing space elsewhere. In fact, you can quite significantly extend your loft and genuinely increase the size of your home without the headache of planning permission.
Loft conversions add more than space to your property
Extra room isn’t the only benefit of converting your loft into an extra bedroom. A specially converted attic is one of the most desired features for homebuyers in a housing market too small for the UK population. A loft converted into a bedroom, complete with en-suite, can add up to 25% to the value of your property when the time comes to sell.
Not only that, but you can cash in on the added value to your house before you decide to sell, with the refinancing options available these days. So the extra room your family needs can make the home a better place to live and a much-needed financial boost at the same time.
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