Many borrowers have looked at switching their home loans onto the best remortgage deals to save money. And, it is also possible to remortgage your home in order to raise the cash required to undertake improvements designed to increase its value.
The most recent statistics from the Halifax Building Society indicated that house this quarter were 3.7% lower year on year, with the standard home costing 161,000. These statistics are approximately in line with those figures released by Nationwide Building Society. Housing economist for Halifax Martin Ellis commented: "The underlying trend in house prices continue to be one of modest decline."
Until such as time as affordability in the UK improves and more people have the cash to buy a property at the average price of 161,000, prices are set to remain stagnant. With the Bank of England Base rate remaining at 0.5 per cent for over two years it has also been hard for buyers to save enough of a deposit to fund their property purchase.
What You Can do to Maximise the Value of Your Home: Convert the loft - Research from Halifax found that converting your loft is the number one home improvement that you can make. You are more likely to recoup the cost of the work through the value it adds to your home than any other refurbishment or redecoration project.
A new kitchen - Many homeowners have used the best remortgage deals in order to fund the refit of their kitchen. It is one of the most popular ways of improving a home's value and also makes a property more attractive to prospective buyers.
Redecorating the house - It is possible to increase the selling price of your home by redecorating. Again, you can use a remortgage to finance the work which may include painting, tiling or fitting new carpets. Redecoration is often inexpensive but can add value to your home.
Build and extension or conservatory - Adding an extension or conservatory increases the living space in your home by adding an additional reception room or bedroom. Ensure that you obtain the necessary planning permission before you start an extension project and be prepared for your home to be a building site during the construction.
Landscaping - Improvements to the exterior of your home such as a landscaped garden or decking can make your outside area more useful and help to add value.
Of course, undertaking improvement or refurbishment of your home isn't always cheap. Adding rooms or converting a loft or garage can cost several thousand pounds and so you will have to find the money needed for the work. A remortgage allows you to borrow against the equity in your home and can be the ideal way of funding improvement projects.
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