A rising number of Britons are looking to make improvements to their property.
Such is the assertion of Lloyds TSB personal loans, which reveals that a rising proportion of people are choosing to take their homes off the market as a result of recent declines in the economic climate. In a survey of estate agents, 55 per cent of respondents pointed to a rise in those removing their property from the open market in order to make improvements to it.
It was also commented that 59 per cent of people who were thinking of moving had placed such plans on hold as a result of concerns about falls in the value of their property. Of such Britons, about half are choosing to stay to revamp their home. Meanwhile, a 19 per cent annual increase in home improvement loans applications had been noted.
For those wanting an cheap way in which to carry out renovation work to their home, obtaining one of the many cheap home improvement loans available could be an advisable course of action.
The study also showed that a brand new kitchen is the feature of a home which has the most appeal to potential property buyers, with around four-fifths (79 per cent) of those that took part in the study highlighted to be requiring such a room. Over half of buyers that were questioned reported that a brand new bathroom appeals to them when looking to purchase a property, with a quarter wanting to move into a recently decorated property. However, 29 per cent of people questioned cited a loft conversion as an attractive feature, with 47 per cent claiming that an extension is something which they look out for when searching for a home.
David Wishart, director of personal loans at Lloyds TSB, said: “In recent months we have seen a significant increase in home improvement personal loan requests. For the last decade homeowners have been able to sit back and rely on rising property prices to increase the equity in their home but sadly this is no longer possible. If you want to trade up and avoid substantially increasing your mortgage, you’ll need to add value to the house you’re currently in. Whether your motivation is a quick sale, adding long-term value or accommodating changing lifestyle needs, it’s vital you consider the financial investment you’re about to make.”
He claimed that obtaining a personal loan is a ‘hassle-free, affordable way’ for homeowners to extend the cost of paying for a home improvement project.
Meantime, Phil Spencer, property finder and television presenter, claimed that the downturn in the housing market means any home improvement plans should be planned meticulously to “ensure maximum return on investment”.
Those needing a practical way to refurbish a bathroom, add a kitchen extension or simply give their property a facelift with a lick of paint might wish to consider taking out a home improvement loan. In using this kind of home loan it is quite possible that borrowers can not just afford the cost of materials required but additionally hire quality tradesmen to carry out such work. This may also be effective for those looking to repair damage to their house after recent research by Tescocompare identified that instances of broken windows and other domestic incidents could increase this summer while youngsters are on school holidays.