Brits spend billions on conversions
May 25, 2007 by admin
Filed under News, News-Mortgages
British homeowners have spent over £90 billion on converting ‘dead space’ in their homes.
Research by AA Financial Services shows that 20 per cent of mortgage holders have converted attics, garages, cellars and sheds to make them liveable areas.
The main driving force for the majority of people was to increase the value of their property, with 27 per cent citing this reason.
Money appears to be a major factor when it comes to conversions, with 17 per cent of those asked saying that they would have preferred to leave the ‘dead space’ as it was but needed to room and could not afford to move.
Others though were simply keen to get the most from their property, especially as house prices continue to rise.
“Many homeowners relish turning unused or ugly areas of their homes into liveable rooms as it means more space for family and less dusty boxes and clutter,” said Janet Pell from AA Insurance.
“But it is important that you ensure you have the appropriate building regulations approval before going ahead.
“And make sure you update your home insurance cover following an extension or conversion – your three-bed cottage might suddenly become a four-bed house – and of course, you’ll have additional furniture and possessions too.”
It is worth noting however, that if your property does become a four-bedroom house, it will be subject to the new Home Information Pack regulations from August 1st.
