Loft conversions – Why Have One?
During national surveys Loft conversions come at the top as one of the most effective ways of enhancing the value of your property. In fact the nationwide building society gave figures of a 21% increase in the value of a three bedroom semi-detached house simply by adding one extra bedroom and shower room. Even is it is not adding value to the property that you are interested in that they just want to stay in your existing house but have more room, Loft conversions are one of the best ways of doing this.
In the present economic and financial climate where no one is really sure which direction the market is going to go, moving house and this time comes with a great many potential hazards. Although the base rate is quite low currently, it is forecast to raise considerably in the near future. As a result of that mortgage prices will increase, and the old principle of supply and demand will kick in. This means that house prices are likely to fall. Although this may seem advantageous for a buyer, the thing to bear in mind is that you may end up purchasing a property which then goes into negative equity. Over the last two years we have seen a huge amount of people falling into the state of negative equity over their homes and many have had to foreclose.
If you are already owning your own home, then rather than going down the route of buying a new house it is well worth considering Loft conversions. Naturally, one of the principal benefits of a loft conversion is that you get all the extra space as well as the extreme convenience of staying in your own home. As moving house is one of the top causes of stress according to some research, you may save yourself a great deal of headaches by staying put. Of course a loft conversion will also come with a certain amount of disturbance in the home but after a few weeks of that you will be having a great deal of extra space in your own.