“Spare space” drives demand for home improvement loans
More than half of all British home shoppers are drawn towards residential property, which offer some form of “unused space” that can be used as part of a home improvement project.
Properties that are classed as having spare space, which can be developed to improve the standard of living for the occupant are almost 3 times more likely to sell, than those that do not. According to a recent poll amongst prospective buyers, additional unused space is now one of the key factors, which contributes towards swaying almost 40% of shoppers towards making a positive buying decision.
One expert suggested that the trend is not surprising, given the housing markets current condition. Due to the inflated, average costs, which are tagged to most of today’s modern homes, many buyers are looking for more practical means to increase their living area, whilst keeping costs down. Finding properties, which do not take full advantage of their overall space, is an extremely efficient way for buyers to get the most out of their budgets, whilst also getting more home for their money as part of the bargain.
It has also been noted that more than 1/3 of personal loan shoppers acquire loans with the intention of funding some form of home improvement and/or renovation project. Home improvement loans used for certain projects (such as extensions) can increase property values by sizeable margins, which many experts believe is one of the main factors responsible for the rise in their popularity.
