Rebuilding, Renovating & Repairing Your Home Is The Wisest Option For Now, Here's Why

Many people who are struggling to sell their homes in a slow property market

, or who have found that the value of their home has dropped after the recent crash are now opting for home improvements using a remortgage to fund it, rather than selling their home.

This could be to improve the decor and interiors, update the kitchen or bathroom, add new rooms, extend existing rooms or convert part of the building. All of these things add value to the home, make it more marketable and make the property more attractive to potential buyers.

There have been recent claims from the Housing Minister, Grant Shapps, that the government will "put its money where its mouth is" in helping families to build their own homes. These claims are likely to have excited a lots of prospective house builders. If you are planning to do any house building work, there are several things to understand long before you reach the building stage.

Firstly, you will need detailed plans for the proposed work. This may involve hiring a surveyor or architect to provide drawings and plans for how your building project will look when completed. They can also help manage the build project.

Look for recommendations of local tradesmen in your area and get a number of full quotes, never go with the first price you are offered. In financial terms, the value of your house will be most likely to increase by the addition of a bigger kitchen (perhaps with a bedroom above?). Also adding extra bedroom space with a loft conversion with en-suite can add value, but it depends on the type of buyers you are hoping to attract, as individual needs will differ.

Once you have these in place, you or your builders will need to apply for planning permission from the local council. Usually, the builders are the ones who will deal with the planning permission side of things.

You need to find out if you need any permission from local government to carry out the work. In most instances, the answer is yes. If the building works include erecting a new building, extending or altering your current home, or adding extra fittings to a building (such as an extra window), then it will more than likely require planning permission. The designs will need to be checked by your local planning officers to ensure it complies with building regulations.

You will also need to think about how your project is being funded, and if you will be using a further advance from a remortgage, then you'll need to sort all of the financing out before starting any work to ensure that you It is down to you to ensure that the planning permission has been granted before the builders commence work.

You will also need to consider how you will fund the building work. Considering that a remortgage may take several weeks to arrange, it is often wise to research the best remortgage rates several months in advance of starting the project. You'll need to go through the remortgage process and have the money available to pay builders or to buy raw materials.

The advantage of remortgaging to pay for building works is that the funds available are equal to the available equity in your property; Other loans may restrict the amount that can be borrowed; also, with remortgaging you can often reduce the rate of interest being levied on the entire loan. This gives homeowners a better deal all round, which is a lot cheaper than borrowing a separate secured loan. With the current historically low base rate of interest, it might be a good idea to borrow now, rather than in the future, when rates are set to rise.

by: Howard Ogollegos

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