How to climb the property ladder
Would you pay £164,000 for an extra bedroom? That’s the average cost of upgrading from a three-bedroom house to a four-bedroom house in the UK, in Suburban London it’s an unaffordable £247,000. With rising house prices many people are discovering new ways to increase their space – and one of the ways is with an eco-friendly garden home or home extension.
The above figures are just one example how extreme the housing crisis is, and it doesn’t look to improve any time soon. This particular situation is affecting growing families who are on the property ladder but unable to upgrade to houses to accommodate their future.
Families needing extra rooms for children or annexes or space for elderly relatives are finding themselves stuck, and so they need to find new ways to find more space.
Additionally, owner occupiers in retirement who are looking to downsize are struggling to sell their homes because buyers can’t afford them. It’s not just first-time buyers who are affected by the housing crisis. Every jump on the housing ladder is difficult, whether it’s the first, second or last.
Then there are the additional costs of moving house – stamp duty, estate agent fees, solicitor’s costs and surveys. The average amount of stamp duty paid in 2015 by London buyers was £78,000 – that could pay for a handsome extension with change leftover.
Getting more from your home
What’s the answer? Homeowners looking for more space are staying put and extending their current homes. Extensions and garden homes are often cheaper and take advantage of garden space to create those extra bedrooms, extend kitchens or provide home office space.
As a result of this trend, workmen are reporting an increase in demand (and therefore an increase in fees!), building material prices are going up and demand for kitchens is on the up. In South Buckinghamshire there were more planning applications for extensions in 2015 than there were sales* – a figure which is seen in many other parts of the country too, particularly in London.
This trend was even the subject of Kirsty and Phil’s latest programme – Love it or List it – where families weighed up the pros and cons of moving home vs improving their home. In many instances they found that adding square footage to their existing home increase the valued as well as providing more space. So this approach not only offers more space but then allows the homeowner to climb a rung on the ladder without moving.
Did you know that our eco homes can also be built on land, and to any specification? This makes them ideal for home extensions. Our modern, comfortable and creative homes make ideal garden homes, kitchen extensions or home offices, and can even be built on two storeys to add kitchens plus bedrooms.
What’s more our homes can be built off site then installed on your property without the mess of traditional housebuilders. For around £100,000 you could add a beautiful new garden home, kitchen or bedroom extension – much less than the cost of moving home.
Our eco homes provide you with the space you need quickly but without the cost of moving home or the problems of a traditional extension. You’ll add a unique space to your home that will add value, or you can even take it with you should you choose to move in the future.
Need more space soon? Get in touch to find out about adding an eco-friendly extension or garden home to your home.
*”Growing Pains”, The Sunday Times, 5 June 2016