Press Release Summary: Homeowners have changed their mind in response to the slowdown in housing market. Instead of moving, they have taken up plans to refurbish their home so that the equity of the house gets a boost. Homeowner loans are a great way to fund these changes.
Press Release Body: According to a new study done by Sainsbury Bank, out of all homeowners in the UK around 21 percent have plans of introducing major changes in structure of their home in the coming months.
This change in mind may have been affected by the slowdown in the housing market. This has led people to reconsider their plans of moving which is a risk. Rather, they have taken to improve the value of their home by plans of home improvement. For these plans of adding more equity to the current value of the property, the homeowners are ready to spend large amount of money. The average amount that people are ready to spend on home refurbishment is around 17, 361 pounds. Also, around 19 percent said that they were ready to spend more than 20,000 pounds on their home if need arise.
There are people who are looking for ways to fund their home improvement plans. For this, an effective way to obtain money is through a home improvement loan. By taking money through this loan, it can be made sure that the best services and professional are hired so that the best job is done. This also reduces the risk of making a home insurance claim.
This may be of special interest to around one percent of the people who said they wanted to spend between 100,000 and 200,000 pounds on the structural changes that they wanted to introduce in their home in the approaching year. Regardless of the budget that the homeowners had, they are appealed to by the Sainsbury bank that they should check with the insurers without starting with any work that may affect the structural layout of their property. If this is not carried out, even invalidation of their policy could occur for them and they would be left without any cover. Around 33 percent of the respondents were unaware of this fact that such negligence could take away their policy cover from them.
Neil Laird, home insurance manager at Sainsbury's Finance says, "If you put off your plans to move on and thought of making changes to present property, it is viable option. However, since the insurance premium payable for buildings depends upon the structure, rooms etc, creation of more space may increase the premiums for your insurance even if you have unlimited insurance. In case the insurer is not informed of the changes that are being introduced in the house, the homeowner could become underinsured or even lose the insurance completely and the homeowners should be aware of this fact."
Different structural changes are being planned by people in different numbers. The next 12 months may see as many as 1,344,000 people taking up loft or roof conversion. Another 1,186,000 intend to erect a conservatory. Around 949,000 want rear extensions for their houses and 713,000 want to extend their garage. To meet the cost of these changes, the homeowners may think of taking up home improvement loan as well. according to a previous study, it has also been seen that changes that enhanced the aesthetic beauty of the property also add to the equity of the house to a great extent and can be incorporated.
Breaking homeowner loans news is provided by First Choice Loans. To get more information visit here: http://www.firstchoiceloan.co.uk/
2022
