People 'should use homeowner loans for kitchens and bathrooms'
Published On 3 October 2007
People should consider using a homeowner loan to fund improvements to their kitchen and bathrooms, an industry expert has said.Robin Hood-Leeder, director of membership services at Federation of Master Builders, said that using a homeowner loan could be sensible as it tends to increase the value of the property considerably.
"People recognise that these are where the big expenditures are," he explained. "Beyond that, there's extensions and conservatories; extra habitable space."
In addition, Mr Hood-Leeder said that the current slowdown in the property market and the implementation of new legalisation like home information packs (Hips) had encouraged people to think about using a homeowner loan to improve their existing property, rather than looking for a new one.
"More people are thinking now of improving rather than moving," he added. "Some of the programs on television are also encouraging people to do that. And there is also no question that people are either incorporating more energy methods or they have a focus on improving something specific such as solar panels."
A study by Halifax recently revealed that 25 per cent of homeowners carrying out improvements hoped the work would add value to their property.
