Whether you want to add value to your home or you simply need to make more space for your family, applying for additional borrowing when you remortgage could help you achieve the renovation of your dreams.
If you’re looking to borrow money, it’s important that you make the right choice for your circumstances. Other borrowing options may be suitable for your needs.
That gorgeous kitchen you saw in a magazine, your friend’s enviable glass-box extension – or just a wall without rising damp... The improvements you could make to your home can seem endless – and so can the costs. That’s where remortgaging might be able to help you out.
It takes an average of just 15 minutes to get an idea of how much equity you could release when you remortgage with Lloyds Bank. Which means you could be able to plough the money back into adding value to your home – and, more importantly, making it a nicer place to live.
Here are 15 great renovation ideas to inspire you, and you can explore more of the options around remortgaging at our Remortgaging Hub.
If you have a loft, it may well be a wasted space at the moment – home to nothing more than a bit of storage, a family of mice, and lots of dust. If you can take advantage of this space to add extra bedrooms or bathrooms, it will not only benefit a growing family and make your roof more energy-efficient, but it is also one of the home improvements estate agents consider most likely to add value to your home.
It can be a big job, but extending your downstairs space – or even adding a two-storey extension – can transform the way you live, whether it’s to create a big kitchen-diner or to increase the size of your living room. This isn’t a renovation to be taken lightly – especially because you may need planning permission and structural work to get the effect you want – but the result can be a truly lovely space for entertaining and living.
A much more affordable option than an extension, a modern conservatory creates an airy space that helps make your garden part of the home, whatever the weather. Nowadays, the glass that’s used is more thermally efficient, so the problems of old conservatories – too cold in the winter, too hot in the summer – are not an issue as long as you go for a good build.
Who doesn’t dream of cooking in a beautiful, freshly decorated kitchen, with a place for everything, and everything at your fingertips? Depending on how much you can borrow, and how big your space is, your new kitchen could cost just a few thousand pounds or tens of thousands. Have a think about the ceiling for prices in your area though – if you’re in a small urban flat, there’s no point in spending £40,000 on a kitchen worthy of a mansion.
A well-planned, well-maintained garden is a huge pleasure to live with, effectively adding another room to your home – especially in the summer, when you can entertain there – and perhaps even supplying you with trees full of fruit. It is also said by estate agents to be a big bonus when you’re selling, helping to achieve an optimum price.
Our modern lifestyles tend to lend themselves better to open-plan spaces, so take a look at your downstairs rooms to see if it’s possible to knock through from, say, the living room or dining room to the kitchen. The light will flood in from both ends of the house, and you can divide the room up more flexibly to suit your family life.
If you find you don’t actually use the garage for your car, a conversion is an affordable way to add a new room. There are plenty of options, from an office space that’s secluded from the rest of the house, to a kitchen or living space that, with some structural work, could flow into your home. A survey will show you the possibilities, and remember to speak to your local council about building regulations.
Whether it’s a quick paint and tiling job with some new taps or a full revamp and restructure, a beautiful bathroom is a boon to any home. Take inspiration from boutique hotels for a contemporary but relaxing bathroom with a roll-top bath and a separate shower or wet room. It’s a soothing escape for you – and it can be a real selling point, too.
Even if you don’t go for the full glass-box extension, bifolding doors across the width of a room will create a panorama of your garden from the inside – while making it part of your home when they’re open. Because they have very little framing around them, it can feel like you’ve opened up the whole back wall to the light.
Another job that could cost anything from a couple of hundred pounds to thousands, depending on what you’re looking for, is making your house look better from the outside. It’s not just about being house-proud (or even showing off to your neighbours) – it can really make a difference when you come to sell. Start with a lick of paint or repointing the bricks, take an honest look at the front door – and then get that garden looking spick and span.
If you live in a flat or a new-build, you may own a leasehold property. Extending the lease or buying your share of the freehold after two years is a good idea, because as the lease gets shorter, the home value goes down, and mortgage providers become less willing to lend. Plus, the later you leave it to extend, the more it will cost you – particularly when your lease term is 80 years or shorter. You’ll need to speak to your mortgage adviser to see if any of this is possible.
Similar to leases, you’ll need to check with your mortgage adviser to see what’s possible, but should a plot of land come up next to your home, it could be a great opportunity to extend your garden or even extend your home. You might want to put in a summer house or garden studio – or if you can get planning permission to build, you could take on a huge project in the future and actually build another house!
Making your home more energy-efficient will save you money on heating bills, as well as making your house more comfortable – and according to the Government it can increase the value of your home too. Even better, there are still grants available to home-owners to improve insulation, replace boilers and improve efficiency, while if you’re doing general improvements anyway, particularly on the roof, it’s a great time to put in solar panels, too. You’ll need to check with a mortgage adviser around any restrictions providers may have around installing solar panels.
It’s not glamorous, but sorting out the damp or subsidence or any other structural issues is not only essential for your own quality of life, to prevent health and energy issues, but also because if those problems are still there when you sell, you are likely to lose sales or lose money. And the longer you let them go, the more expensive it will be to repair the damage, so it’s worth every penny. Many mortgage providers have restrictions around more money to do structural repairs. Do speak to your current lender or a mortgage adviser to discuss your options before committing.
This might seem like the sort of thing oligarchs do when they want to put a swimming pool in their town house, but actually if you have a damp, dark basement, renovating it could cost around the same as an extension, without encroaching on the garden. Clever features such as light tunnels will keep it bright and airy, giving you a whole new usable room. It is a big job, though, and might involve you moving out for a few months, so it’s not to be undertaken lightly. Whatever you do, make sure you speak to a professional to understand any regulations or planning permission you may need before starting any work.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.