People Favour Conversions Over Moving

By: Derek Both

Many people are opting to get a loft conversion instead of moving due to the constant increase in house prices. Those wishing to climb up the property ladder are finding it increasingly difficult because they can't afford today's house prices. However, the extra space is urgently needed which is why many people opt for a loft conversion instead. This means that they can gain extra space at only a fraction of relocating.

A recent survey conducted by Standard Life bank revealed that just one in ten homeowners aged between 30 and 40 years plan to move home in the foreseeable future. Many of the reasons behind this were because people would rather upgrade than move as it's cheaper and less hassle.

As many as 75 percent of those questioned said that the cost of moving puts them off doing so while others want to stay in the area. A loft conversion can solve both of these problems which is why many people are turning to them over moving. They are significantly cheaper than selling up and buying a new property and you can stay in the house and area you love whilst still getting some extra space.

So many people are leaning towards a loft conversion because they also think that by doing this they will be adding to the value of their home. As a result of this they will make more money when they eventually do decide to sell up making it a more worthwhile investment.

Experts are worried that there is going to be a massive shake up with the property ladder as people are improving their current homes rather than buying new ones. However, until property prices go down to an affordable level the trend of getting a loft conversion is set to continue.

It is hardly surprising that people are opting for a loft conversion over moving after a study from findaproperty.com revealed that one if five people overspent by 50,000 pounds when buying a new home. Not only are people struggling to get the same value for a house that they would have got a couple years ago, but costs such as legal fees, furniture removal and stamp duty are increasing every year adding to extra costs. As well as this loft conversions are the most rewarding home improvement adding an average value of about 22,000 pounds to the home as opposed to extensions which only add 19,000 pounds.

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