A Step Up The Ladder?

If youre getting restless and feel that its time for a change of scene, dont automatically think of a move.If you need a bigger house for family reasons, or its necessary in order to take up new employment, then thats a different matter and it may well be that you have to get into the sales process, with all its chains, broken promises and disappointments.

If its possible that your current home could be up-dated, extended or improved, then think carefully before rejecting this option.Re-mortgaging to increase the value of your property should be looked upon favourably by your lenders and whilst it may cause a whole lot of upheaval to turn it into a home slightly more like that of your dreams, it may be more financially sensible in the long run.

You need to classify the improvement by whether or not theyre going to improve the quality of life for the family, whether theyre actually necessary to preserve the value of the house such as essential repairs, or whether theyre going to increase the value of the house by an appreciable amount.

Re-mortgaging or borrowing to do the work you should have been doing anyway is the wrong way to look at things.Things like maintaining the guttering, replacing loose tiles on the roof, making certain that tree roots are not affecting the house foundations shouldnt be necessary and should be part of on-going maintenance.Whilst, assuming that you have been in the house long enough for it to have gained in value, you could re-mortgage to release some equity to do this work, its not whats going to increase the value of your home.If you were to try to sell the property with these things undone, then youd have reduced the value and apart from that, it might be difficult to even get potential buyers past the front door.

Most people would jib at making drastic alterations such as actual extensions or additional bathrooms solely to increase the value of their home.It can be extremely disruptive and difficult to live with unless youre landing up with something you really would aspire to, but in fact there are certain improvements that are really worthwhile and others less so.

It would be unwise to add another bathroom or en suite to a small house, if it means losing a bedroom.Its a different matter in a larger house, though.The idea of a garden room, rather than a conservatory is good and adds a real room to the house.An efficient heating system would make life better for current use as well as adding value.Certainly if theres no central heating then its an absolute yes to installing it.New kitchens as a way of adding value are questionable.Theyre very much a personal taste issue and what you love, a buyer may hate.As long as the kitchen is tidy, functional and presentable, then forget the investment side of it.

Double glazing is worth installing.Solar panels too are gaining in popularity and checking and upgrading the insulation is well worth while.If theres any way of increasing the amount of car-parking space then this is good, provided it doesnt swallow too much of the garden.Make sure that any extensions dont result in the house swallowing up too much of the site and outgrowing it.

Maybe its time to get some quotes and try to find out what the total project is likely to cost.Allow some money for things youve overlooked.Compare quotations and read all the small print.

Its probably worth talking to your current lender, to see what theyve be willing to offer in terms of a re-mortgage.Bear their offer in mind but then the next step is to find an on-line broker, to find some comparisons.An independent broker will find out exactly what you need, give you no end of advice and search a very large market to find the deal for you, at a price you can afford.

About the Author

The Mortgage-Gogetter is a specialist in Mortgages, offering fantastic deals and truly impressive information surrounding mortgages and remortgages.

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