You may want to consider moving if you feel like you are outgrowing your London home. However, there is a possibility that you like your neighbors and area. If this is the case, you should seriously consider a house extension if you simply need more space. House extensions are not cheap, but they are a cheaper alternative to homeowners that are thinking about putting their home on the market.

The latest research conducted by Sainsbury’s Home Insurance reveals that building extensions added to the rear and to the side of properties are the most pretty popular with homeowners. The research also uncovered the following stats: 30% of London homeowners chose this kind of home improvement, 29% of homeowners settled for a conservatory, 15% opted for a loft conversion, 11% felt a garage conversion was suitable for their home, and 5% went forward with an outbuilding such as a garden room or home office.

Feedback from experienced builders substantiated the following findings:

  • 92% of all builders admitted that they completed a rear extension project during the previous year.
  • 72% of the builders surveyed completed side extensions for their customers.
  • 54% did loft conversions in London for their customers.
  • 41% had completed garage conversions.

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Many homeowners go forward with house extensions because they want more living space. Eighty-four percent of builders in the London area stated they extended the kitchen and dining area, sixty-one percent added more bedrooms, and fifty-three percent added new home offices and nice bathrooms.

It is also important to note that twenty-five percent of London homeowners added between eleven and twenty square meters of more living space to their homes, while twenty-three percent had added between twenty-one and thirty solid square meters. It is shocking to see that eighteen percent had added more than thirty-one square meters!

Adding more space to your home can make family life more exciting and fun. Just imagine hosting birthday parties and other social engagements at your home.

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Housing extensions come with favorable financial implications that are hard to ignore. In most cases, building extensions will increase the market value of your home. This could put you in position to remortgage to a lower LTV with lower payments due to the equity in your home increasing.

You can overpay if you have your eyes on keeping your repayments at the previous level. If you take this approach, you will save on the interest and lower the term of your mortgage. This is not a bad strategy, but you will need a sizable amount of savings on hand for your house extension project.

House extensions are ideal for homeowners that want more space. You could put your house on the market, but will you be able to find a buyer who will agree to your terms? Building extensions are the safe bet for homeowners that love their neighbors and location.

 

Published by Inga Lindstromn