A recent Halifax Home Improvement Survey has revealed more than a quarter (28%) of homeowners plan to undertake home improvements over the next 12 months specifically to add value to their houses.

Almost half (44%) said they believed these improvements would add up to £5,000 to the value of their property, with 12% believing the increase will be between £10,000 and £25,000. Just under one in five (17%) introduced energy efficiency measures into their homes as the environment acquires a growing importance.

In the current market, homeowners can inject value into their homes by undertaking the right home improvements and many are looking to take out a secured loan rather than re-mortgaging especially if they are tied in with their current mortgage lender and could incur big redemption penalties if they switched to a different mortgage lender.

A secured loan can also be beneficial for homeowners who need the extra space/bedroom for a growing family but cannot sell their house during the current economic crisis.

Posted 01/04/2009 16:15:12