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.

Is the Housing Market Starting to Perk Up?

Is the Housing Market Starting to Perk Up?

Economists believe that house price falls have begun to flatten out, and some suggest we may see rises in coming months.

The two biggest mortgage brokers, Halifax and Nationwide, recorded 1.1% and 1.3% rises in prices in July, and the year-on-year fall in prices went from 15% in June to 12.1% in July. Halifax has also revised its estimates of house price changes in 2009, halving its predicted drop from 15% to 7%.

A number of factors have been cited in helping prices begin to stabilise. There is still a shortage of housing, which is driving demand and pushing prices upwards. What’s more, home building has been increasingly sparse since property prices began their dramatic decline two years ago.

Low interest rates are helping slow the fall, and mortgage providers have started easing up on lending: mortgage approvals bottomed out at around 30,000 a month, but were back up to over 47,500 in July – but that’s still a long way from the peak in 2007 of 120,000.

It may not yet be time to head to the estate agent, though. It is possible that the rises are as much due to cash-rich buyers moving back into the market, and some have expressed fears that we could see more sudden drops in prices as buyers reappear if mortgage costs rise, or any more financial trouble rears its head.

One great way to get a bargain home is to buy a small house and start renovating it – converting the garage or loft and adding extensions are typically home improvements which will add the most value to your home.

To get an idea of how much a garage conversion might cost, you can get a free online estimate using Garage Conversion Quoter.

photo credit: seemodernbrittain