Lack of housing stock forces people to extend and convert for extra room.

If you’re currently trying to move house of you’re thinking you might move home, to get the extra space for a growing family or a the hobby / work area you’ve always promised yourself, then prepare for disappointment.
Estate agents around the UK are lamenting the fact that there just isn’t enough housing stock on the market, to offer people ‘just what they’re looking for’.
Would-be home movers are being forced to settle for less or are staying put and increasing the living area of their present homes.
Aside from saving all the costs associated with moving home – legal and stamp duty fees, not to mention removal costs. Extension and conversion costs are very attractive and you also get the benefit of having a direct hand in how that extra space is planned and laid out.
This means a garage can easily become anything from a larger kitchen to en-suite annex. Working from home or about to embark on a new career from home? A garage conversion or extension can add the space you need and by incorporating exterior doors, you can even make your ‘office’ open to visitors without them having to walk through the rest of your house.
And if you’re after more leisure space or room for those pesky teenagers, then converting the loft to become a cinema room or den can give both parties some breathing space. Of course, once those same pesky teenagers have left home, you can revert back to your original plan of a en-suite master bedroom!!
When you’re arranging quotes, check with the companies their payment terms. Some may offer payments in instalments as the work progresses, whilst others may have their own terms & conditions regarding payment.
Look out for offers like free flooring, electrics or drawing of plans. Small jobs compared to the overall cost but any savings, that make the most financial sense to you, are always worth exploring.
This article first appeared in our weekly homeowner newsletter dated 24th October 2011. Click here to read the full newsletter.

3 thoughts on “Lack of housing stock forces people to extend and convert for extra room.”

  1. Although, I do not believe in genuineness of the agent's laments (there are plenty of empty properties in the UK, just the prices exceed the true value too much – the speculators did really well over the last couple of years 🙂 ), conversion or building extension often seem a reasonable solution.especially, if you take into account how much you have to pay for a square foot – you simply can&#

  2. Despite what agents may or may not say about the property market, the reality is that it's risky to buy right now and in many cases, homeowners would be better off making the most of what they've got than risking moving.

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