Archive for the ‘Loft Conversions Finance & Loans’ Category

Loft Conversions Manchester – Finance For Your Loft Conversions

Loft Conversions Manchester are finding this question arising more frequently for loft conversions finance options.

“Is it right to have an elderly relative pay the cost of your loft conversion, if they are going to come and live with you”?

Helping Loved Ones And Financing For Loft Conversions

The main concern is often not the cost or financing of a loft conversion. There are many finance options available. The loft conversion itself is the solution to the problem of looking after elderly relatives.

Often you will just want to help your Mum (or Dad) if they are finding that their house has become too large to manage. Many children are naturally concerned about their parents well-being and want to do anything they can to help them.

It is not unusual to invite parents to move into the family home. A large number of families in the UK do this. There could be a number of mutual benefits for all parties involved.

Extra Space – Relatives Live In The Loft Conversion

So how do you help? You may wish they could come and live with you but your property is too small. A loft conversion could be the ideal solution to provide the extra space you need.

There are many different finance options and ways to finance a loft conversion. Some of them, such as this option of having a relative pay the cost, can prove to be a little controversial.

Is It Right For You?

Is this right? Morally, financially and socially? Different ways at looking at the issue raise many questions. Ultimately, if it’s your project and everyone is happy with the proposals, then why not use this solution?

Cramped Housing Resolved With Loft Conversions

What you don’t want is to feel that your home is cramped and crowded and that moving relatives in with you will make things worse. Planning your extra space with a loft conversion can easily provide the extra space you need. It can solve numerous problems all in one go.

Factors To Consider

The biggest consideration for all parties must be the desire to be close to your loved ones. If it’s unlikely you can all live together in harmony, then this is not a route to follow. Everyone in the family will need to be honest and open about their feelings.

In exchange for accommodation, families can find they have instant childcare. The elderly relative has company close at hand. In addition they have the opportunity to sell their own property, so realising a lump sum of cash from the sale of their home.

Given all the problems surrounding care in old age, this can be an avenue well worth thinking about.

Energy Costs

With rising energy costs being one of the prime things that older people often worry about, they gain the benefit of shared energy costs and you should agree up front how recurring bills will be dealt with. Maybe your relative will pay a proportion. In any event, it is going to be much less than if they had to pay all bills on their own.

Worries Solved With Loft Conversions

A big consideration for an elderly relative is the standard of care they could expect elsewhere. Residential care is very expensive and can quickly wipe out the capital value of their main residence. Living with you can alleviate this worry.

Family Closeness

The arrangements can be very beneficial because the whole family is suddenly a lot closer. There are less worries about your relative being some distance away and it’s great for bonding with the grandchildren.

Do You Agree? Relatives Financing Your Loft Conversion.

This whole issue can be controversial or even a moral dilemma. The whole idea needs to be openly discussed and everybody needs to be happy.

The financial aspects of converting your loft do need to be assessed. However if everybody is happy with the arrangements, all parties involved can really benefit.

The family home has its value increased because of the loft conversion. The elderly relative has company, security and somewhere to live with family, while having the balance of monies from the sale of their own property.

Everyone feels closer and family bonds are so much stronger.

What Do You Think?

Is this something you would consider? Let us know. Leave a comment and vote in the poll

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Manchester Loft Conversions For Elderly Relatives

Manchester Loft Conversions Finance

Finding finance or a loan for your Manchester loft conversion does not need to be difficult.  Getting the extra space you need could cost as little as £13k or £28 per week. It depends up on the type of loft conversion you have done but it is a very affordable option.

Re-mortgage Finance. Secured Loans

The most obvious route to follow is a re-mortgage or a secured loan on your property.  This can be a good opportunity to review your mortgage arrangements and ensure that your current deal is still competitive.

Secured lending on property is still one of the cheapest forms of finance available.

Save Money With A Loft Conversion.

Remember that improving your current property could end up saving you a lot of money.  When you compare the cost of moving house and all the different fees involved, adding extra space through a loft conversion becomes a very economical proposition.

If you decide to re-mortgage you will take out a new loan.  This can either be in addition to your original mortgage, if done through the same lender or you may find a better overall deal elsewhere.

If you take out a new loan you will repay your existing mortgage and the balance will be available to pay for your loft conversion.

A Loft Conversion Can Add 20% Value To Your Home.

The good news is that loft conversions, if done professionally, do add value to your property.  If you decide to integrate a new bedroom with en-suite bathroom, many homeowners have found this can add up to 20% to the value of your home.

Property Prices Increase 117% Over Ten Years

Recent research at the end of 2009 by Nationwide building society, has also shown that property prices have continued to rise over the course of the last decade, even accounting for the property collapse in 2008.Prices fell in that year by 16% but recovered in 2009 by 5.6%.

Prices over the ten year period still increased by approximately 117% so property is still a prime investment over the longer term.

Martin Gahbauer is the chief economist for the Nationwide and he said that the increase in 2009 had suprised most commentators on property prices.

Which ever way you look at it, its good news for home owners looking to their property as a prime investment.

If you need further advice or assistance please contact Manchester Loft Conversions for more help.