Since the UK government announced the stamp duty holiday in July, there’s been an influx of activity on the housing market as first time buyers, second home owners and investors look to make the most of the tax relief.
According to the most recent stats, new buyer registrations between 8th July and 8th August were up 38% compared to the same period last year.
Whilst demand for properties in the £500,000 to £750,000 price bracket is up 92% year-on-year.
And it comes as no surprise! Coronavirus has changed the way in which we live, work and play with all of us spending more time at home and many now working from home for the foreseeable.
But, for those lucky enough to already own their home, moving isn’t the only way to get more space – or even always the most cost-effective option.
Stamp duty might be slashed until March 2021, but there’s still moving costs and legal fees to pay out.
Which is why we spoke to Anerley builder, Richard Grehan, of Richard Grehan Property Maintenance, who gave us some tips on how to make more of your home without having to move.
1. Loft extension
Richard said: “A loft extension is a great way to make your home bigger.
“Plus, in most homes they are pretty easy to do because a lot of loft conversions don’t require planning permission if they fall under permitted development rights. Of course, this all changes if your plans exceed certain limits and conditions, like changing the roof shape.
“Some lofts can cater for two generous-sized rooms, whilst smaller homes have the space for one extra room, an ensuite and a whole row of wardrobes.”
2. Knocking through
Richard continued: “Another way people can create more space, or make their current space work better for them, is by knocking a wall down.
“A lot of my recent jobs have involved knocking down walls that separate the kitchen from the dining room.
“That’s because nowadays families want a bigger kitchen/dining area so they can cook, work and socialise in the same space. And they can do all of this as a family, without feeling like they are on top of each other. Again, this can be fairly simple to do.”
3. Single storey extension
“Rather than just knocking down a wall to create one big space, some people prefer to put on a rear single storey extension,” Richard said.
“In some cases, you don’t need to apply for planning permission for this. So, it’s a nice way to add more rooms, like a downstairs toilet, bathroom or utility room. You can really remodel your space to suit the way you live.”
4. Investing in a cabin
Richard said: “For those with some unused outdoor space, the bottom of the garden is brilliant for a cabin. We’ve done a couple of jobs where people use these cabins for home offices, games rooms, playrooms for the kids.
“They are generally simple to install. All we have to do is build the base and then you buy the actual cabin online. A ready-made solution!.”
5. Building under the stairs
“For those that need some extra storage space, we’ve done some jobs before which involve building under the stairs. It’s often an unused space. You could also clear out the space under the stairs for a small table or desk so it could be used as a downstairs office space.”
6. Making use of your landing
“In bigger houses, there’s often a lot of wasted space on the landing. But this can also be ideal for sneaking an office into your home.”
Thinking of making some renovations to your current property? Then why not consider remortgaging to release some equity in your home?
We’ve talked before about reasons why you might consider remortgaging, and helping to fund a renovation is one of them. But whilst remortgaging might help fund your project, it could also be a more cost-effective way of doing so.
Get in touch with Jo Jingree, our specialist mortgage adviser, who is highly experienced with 20 years of mortgage knowledge.
She also offers a no obligation 30-minute free phone call to discuss your requirements.