Many of you may feel that you’ve applied your own form of austerity for long enough and might be keen to get on with much-needed or desired improvements around your home.

Your primary motivation should be to opt for improvements that best meet your needs, or those of your family. However, don’t lose sight of the financial benefits that may accrue too – particularly if, at the back of your mind, you want to make your home more saleable.


Value added choices…

What adds value to your property often also improves your quality of life. Adding extra space to your home tends to be the most financially lucrative – whether that’s building upwards, with a loft conversion, building outwards with an extension, or converting the garage.

According to Nationwide, as a rule of thumb a 10% increase in floor space adds about 5% to the price of a typical house. Adding a double bedroom to a 2-bed house, could increase its value by around 11%. In the case of a loft conversion (or extension) incorporating a double bedroom and bathroom, this could add about 22% to the value of a 3-bed, 1 bathroom house.*


Consider the basics

Before you embark on obvious pleasing developments, consider any structural problems, such as a leaking roof, and get them sorted first, as it would be a lot more

disruptive if done after the event.

Also, in some instances, simply obtain planning permission, ensuring that it’s still in place when you come to sell, as that can also add value to your property.


Securing the extra funding

Dependent on the amount you require, the two obvious routes are remortgaging, or seeking an additional loan. The good news is that whilst you’d need to meet the affordability criteria, there are some excellent deals on offer – and in many cases, better than 12 months ago.**

Conversely, if you feel you may struggle to raise more funds, then do assess your current deal. For example, if you’re on your lender’s Standard Variable Rate, then the possible savings each month from seeking out a better deal, may go some way towards helping to cover the costs of the smaller jobs around your home.

(Sources: *Nationwide, April 2016 release; **Mortgage Brain, April 2017 release)

You may have to pay an early repayment charge to your existing lender if you remortgage.

■ Your home may be repossessed if you do not keep up repayments on your mortgage.