Can’t move house? Then why not improve your existing one?

There are many different reasons why people decide that they want to move house. Some people decide to move because they need more room, others decide to move because they want to change area, and some want to move in order to improve comfort. However, things are not always as straightforward as we hope, and certainly over the last few months homeowners who are hoping to move have not had an easy time of it.

There are a couple of major problems that have affected homeowners over recent months, and these issues have made a big difference to the ability of homeowners to move house. The first is the availability of mortgages, or lack thereof.

The global credit crunch has resulted in lenders really reining in on their lending, and access to affordable mortgages has pretty much gone out of the window for many people. Whilst this has hit first time buyers the hardest, those that want to take out a larger mortgage to move may also experience difficulties, particularly if their credit is less then perfect.

Another issue that has taken its toll on homeowners that wanted to sell up is the slump in the housing market. First of all, house prices are falling, and are set to continue falling for the foreseeable future according to industry officials.

This has resulted in buyers deciding not to take the plunge but to take a wait and see stance instead, just in case house prices fall further. In addition to this, many of the buyers who may have showed an interest simply cannot get a mortgage. All of this has resulted in homeowners finding it very difficult to sell their homes in the current environment.

If you are finding it impossible to sell your home, and your reasons for moving were either to have more room or to move to a more suitable or comfortable property, then you may find that the best solution is actually to carry out improvements on your home with a homeowner loan rather than stressing about moving – especially if you actually like the area that you are in and have neighbours that you like. However, do bear in mind that if you take out a homeowner loan secured against your equity in order to carry out these improvements then you could go into negative equity if house prices plummet.

Some of the improvement that could help to make your property more suitable, comfortable, or practical include:

• Converting a disused room. If you have a loft then you may find that converting this into an office, study, or even a bedroom can help you to enjoy more space within your home. You could also find that this helps to add value to your property if and when you do decide to sell.

• Increase the size of your home. If you are looking for an overall bigger property then an extension may be a good idea. If you have the space for an extension you can enjoy more room both upstairs and downstairs, and again you could add value to your home.

• A new kitchen or bathroom. If you want to revamp your home and enjoy a little luxury then a new kitchen or bathroom would look great, and can give your home a new feel and look. Also, this can prove a good selling point if and when you do decide to sell.

• Add a conservatory. Having a well fitted high quality conservatory can also make a big difference. You can enjoy relaxing in there in the summer and watch the beauty of winter from your own glass room. Again, it can also serve as a selling point and improve the value of the home.

These are just a few of the home improvements that you can carry out on your existing property in order to make it more suitable, and you may find that you are glad that you didn’t sell your home after all once you have done it up.

Even a facelift, such as new décor, new internal and external doors, and new windows can help to give your home a whole new look and feel, so you can feel as though you have moved to the perfect home without having to go to the expense and hassle of uprooting yourself.

When you are looking for a homeowner loan to carry out these improvements remember that the amount that you will be able to borrow will be based on your equity levels, so base your works around what you will be eligible to borrow, and more importantly, what you can comfortably afford to borrow.