Whether you are considering converting your loft, improving your kitchen or adding an extension, careful planning is essential to make sure you are not faced with spiralling costs.
Before you start, it is important to prepare a budget and calculate the estimated total cost of the project versus the estimated increase in your property value.
To start exploring costs and setting your budget we recommend that you:
- Measure up
- Look around at the choice of products from retailers
- Get quotes from local trades people and specialist companies to compare
- Research the sold prices of houses nearby and if they have had any improvements made.
A substantial alteration to your home is likely to result in a healthy increase in the value of your property. Working out how to finance your project is the most important element of the planning phase and the budget will need to be monitored through the project.
Usually, large home improvements are funded by:
- Remortgage to release equity
- Further advance
- Personal loan.
The Home Owners Alliance (HOA) offer detailed guidance about how to budget for a home improvement project and advise on the points to consider before you start work.