subject: Remortgaging Your Home Could Release The Funds To Do Your Home Improvements Properly [print this page] The recent global financial crisis has seen a change of emphasis for homeowners. Instead of remortgaging their properties to release capital to buy investment property, more and more people are borrowing additional funds secured against their home in order that they can undertake improvements to add value to their main residence.
It is vital that if you do decide to remortgage in order to fund a home improvement project such as an extension or loft conversion that you are practical, and that you do not overspend or do too big a job that does not add as much value as you'd thought.
The very first thing that you should do is ensure that you can obtain planning permission for your project. Both exterior and interior projects may need planning permission, especially projects like extensions, conservatories, adding a pool and major changes to the interior such as loft conversions and major changes to kitchens.
It is also important to consider what value the alterations will add to your property. You may want to increase the selling price of your home or, alternatively, simply want to refurbish your home for you and your family. In this case, the likely added value will be a secondary factor.
Once you have been granted with planning permission, you can then begin your venture to obtain additional funds by obtaining a remortgage. You should first of all think about how much the project would cost so that you know how much funding you would need to raise.
If you are not sure how much the project would cost, you will need to do your research to find out. Think about what you want to do, and then start getting quotes from the relevant people to figure it out. You can also obtain information online about how much certain types of project might cost, and how much value they could potentially add to your home.
Ask yourself also whether the improvements you are making are for your personal benefit or whether they will appeal to everyone. If you aren't planning to move then home improvements to your own taste will be fine, but if you are looking to add value you may have to consider redecoration or refurbishment with broader general appeal.
When people are looking at a potential property, they think about whether they could live in it as it is, rather than if they changed it, so by creating a simple interior will make it more popular.
The best advice is that if you are going to make improvements to your home by remortgaging, that you keep the designs very conventional, tidy and fashionable. This will ensure that the property is popular with the potential buyers when you come to sell. Decor should always be either traditional or neutral, depending on the type of property that you have.
Remortgaging in order to add value or to improve your home for you and your family has been popular over recent years. However, there are plenty of factors that you need to take into account before you start the work. So, before you commit to a remortgage deal, make sure that you understand the costs of the work and the value it will add.
