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DIY increases during credit crunch

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During the current economic climate, as house prices have fallen slightly and people are more wary of taking on a mortgage - assuming they can get one of course - it seems that many are turning to DIY and making the most of their own home.

We have discussed in the past how larger projects can add value to your home, such as installing a new kitchen or a new bathroom, however, unless the old one was really bad, then the added value could be limited.

When people come to remortgage at the moment, many are finding that they do not have the minimum 10 per cent equity in their home that most mortgage lenders currently require in order to give a mortgage, so adding value to your home has become even more important.

Items that add value are mainly extending the space in your home, which could be done through an extension or adding a conservatory, but in some places, space is limited, such as in London.

If you live in a place where space is either limited or expensive then another option could be to have a loft conversion.

Figures show that the number of loft conversions in London have increased in recent years, and perhaps this is why.  Certainly, if your home is in London and you are coming up for a remortgage in the next twelve months, then I think you should be seriously considering already how you will cope.

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Category: Building & DIY
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