CD Hood's Building News

Aug 04

Why move when you can improve?

Posted by: CarlHood

Commercial Cambridgeshire builders CD Hood Ltd alongside a range of other builders are finding that more and more householders are improving or enlarging their homes. And if you mange your borrowing well the current credits costs can mean that you can get that new kitchen or extension effectively for very little.

Matthew Wills, director of 3HW Architecture & Design says growth in property conversions is looking to accommodate wider family. “Lofts and extensions are bread and butter to local builders and architects, but we’re also seeing an increased trend in demand for conversions to accommodate extended family.”  “Older generations are selling up and joining their children,” “This allows grandparents to do the school run while parents work, for example. It also has an eye to a future when grandparents may need some care from their children and grandchildren.” He adds.

Many experts believe the higher costs of moving will continue to fuel demand for home improvements. “Everyone can do the ‘skip index’. How many skips are there in your road? This is hardly surprising, as it is possible to restructure your borrowing so a major renovation can cost very little, if anything at all.” Says David Hollingworth, a mortgage broker at London & Country.

The simplest way to raise finance for home improvements is through a further advance from your existing mortgage company. Typically, the new advance will be via a separate account and you will be able to choose from the most competitive deals out there. The new loan will not change the terms of your primary mortgage, but most lenders will cap total borrowing.

Your home could be at risk if you do not keep up your mortgage repayments.


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