Want To Add Your Dream Conservatory To Your Home? Learn How Remortgaging Can Help
- By Marcus Selmon
- Published 01/2/2012
- Real Estate
- Unrated
If you've decided that you need more room in your home, adding a conservatory could be the answer that you've been looking for. Extending your living space could mean that you have the dining room or playroom that you've always wanted, as well as adding value to your home and making it more appealing to potential buyers in the future.
Adding a conservatory to your home is generally less costly than converting your attic or building a brick extension, however it can still cost a fair bit of money so it's no wonder that many people opt to remortgage their home and borrow additional funds in order to fund it. You could benefit from cheaper mortgage rates too!
One of the best things about adding a conservatory is the value that it adds to your property. Two years ago, a leading UK newspaper found that a decent conservatory on your home can add around 5% to the value of your home, while another newspaper can add up to 7%, so you can see the benefits.
Before you start the ball rolling on your new conservatory you first need to check if planning permission needs to be granted. If you're unsure, the best bet is to figure out the size that you have in mind, and ask your local council. If you don't know the size, then ask what the biggest size is that you can have without planning permission.
Have a think about what you want to use the new space for - if it's for dinner parties then you will probably need more spa
ce than if it's just a room to sit and read in peace and quiet in. But if you have a relatively small garden, having a big conservatory cutting into it isn't the best idea as it will devalue the property rather than adding value to it.
The sunlight that the room will get will also need to be considered, as it will determine what heating or cooling systems may need to be put in place. Also, if the room will get very hot in summer you may want lots of large windows or large doors to let air in.
The cost of a conservatory varies hugely and so it's best to ring around and get a few quotes from several companies. Be clear about what you want - a standard structure will obviously be much cheaper than a bespoke one made from rare materials.
By remortgaging your home, you can raise the funding required to build a conservatory. By switching to a new mortgage, you may also be able to benefit from great low cost mortgage deals, especially now as fixed rates are at some of the lowest levels they have ever been.
It is uncommon to be able to borrow higher than a ninety percent loan to value these days, however if you're seeking a remortgage then it is likely that you already have equity in your property that acts as a deposit, so this should not be a problem unless you are in negative equity. Plus, your conservatory should add value so it's an investment!
So if you're looking to build a conservatory to enjoy in your home, make sure that you consider the option of remortgaging so that you can fall back in love with your house.
Adding a conservatory to your home is generally less costly than converting your attic or building a brick extension, however it can still cost a fair bit of money so it's no wonder that many people opt to remortgage their home and borrow additional funds in order to fund it. You could benefit from cheaper mortgage rates too!
One of the best things about adding a conservatory is the value that it adds to your property. Two years ago, a leading UK newspaper found that a decent conservatory on your home can add around 5% to the value of your home, while another newspaper can add up to 7%, so you can see the benefits.
Before you start the ball rolling on your new conservatory you first need to check if planning permission needs to be granted. If you're unsure, the best bet is to figure out the size that you have in mind, and ask your local council. If you don't know the size, then ask what the biggest size is that you can have without planning permission.
Have a think about what you want to use the new space for - if it's for dinner parties then you will probably need more spa
The sunlight that the room will get will also need to be considered, as it will determine what heating or cooling systems may need to be put in place. Also, if the room will get very hot in summer you may want lots of large windows or large doors to let air in.
The cost of a conservatory varies hugely and so it's best to ring around and get a few quotes from several companies. Be clear about what you want - a standard structure will obviously be much cheaper than a bespoke one made from rare materials.
By remortgaging your home, you can raise the funding required to build a conservatory. By switching to a new mortgage, you may also be able to benefit from great low cost mortgage deals, especially now as fixed rates are at some of the lowest levels they have ever been.
It is uncommon to be able to borrow higher than a ninety percent loan to value these days, however if you're seeking a remortgage then it is likely that you already have equity in your property that acts as a deposit, so this should not be a problem unless you are in negative equity. Plus, your conservatory should add value so it's an investment!
So if you're looking to build a conservatory to enjoy in your home, make sure that you consider the option of remortgaging so that you can fall back in love with your house.
Marcus Selmon
Marcus Selmon writes for Just Commercial Mortgages.com the UK's No.1 site for the latest commercial mortgage rates and commercial property finance news.
View all articles by Marcus Selmon