Most people would like a little more room in their home. Perhaps you have a big family or enjoy organising large get-togethers. Or maybe you’re just tired of living in crowded or cramped conditions and want something more spacious. The reasons you might want more space in your house are endless.
But what exactly are the main reasons Brits need more space? Let’s take a look at the top 10.
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Brits’ desire for more space: what does the research show?
ConservatoryLand, a supplier of self-build conservatories, surveyed 2,000 Brits to learn more about their satisfaction with the current size of their homes and their desire for more space.
The study yielded a number of significant findings. For example, when participants were asked if they were satisfied with the size of their home:
- 6.05% said they were very unhappy
- 11.35% said they were unhappy
- 20.60% said they were neither happy nor unhappy
- 40.40% said they were happy
- 21.60% said they were very happy
Interestingly, 50% of those polled said they would actually move to a bigger home if given the chance. In comparison, only 29% said they would not, while 10% said they would downsize.
What are the top reasons why Brits need more space?
These are the top 10 reasons why Brits need more space in their homes, according to ConservatoryLand’s survey.
- Limited storage: 19.65%
- Lack of garden space: 16.6%
- Spare room for guests: 16.05%
- Hosting family and friends: 13.95%
- Bigger office for working from home: 13.95%
- To add value to my property: 12.6%
- Falling ‘on top’ of each other: 10.9%
- Children growing up: 10.8%
- Home gym: 8.7%
- Playroom for kids: 8.7%
So, it’s clear that limited storage is the biggest reason why Brits need more room in their homes.
Some of the other top reasons for wanting more space may be related to what has occurred in the last 18 months or so. What many people want from their homes has shifted as a result of living in lockdown. Things like a garden and a comfortable work-from-home office have become more important than ever.
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How can I fund a home expansion project?
While many Brits would like more space in their homes, making it a reality is an entirely different beast. The good news is that it’s possible to expand your current home and create more space without having to move. Having said that, a home expansion project can be costly. So where do you find the funds to finance the job?
Here are five options worth considering.
1. Savings: If you have a large enough savings pot, you can set aside some funds for the project.
2. Credit card: A credit card can be a great option for relatively small home expansion projects. But make sure you can keep up with your repayments to avoid damaging your credit score. If possible, go for a 0% credit card. These offer a set interest-free period, meaning that you can clear your debt without incurring interest charges.
3. Unsecured loan: This is more appropriate for large home expansion projects. Not only do you get to choose the length of the loan term but also the interest rate is usually fixed. That means you will know how much your monthly repayments will be, making budgeting easier.
4. Remortgaging: This involves taking out a new mortgage against your home and then using the money borrowed to pay off your current mortgage. When remortgaging, you can borrow additional money on top of your mortgage to finance the work required.
5. Equity release: This option is available if you’re over the age of 55. It allows you to release cash from your home without having to move. This is cash that you can use to improve your home and add more space. Check out our article on releasing equity for home improvement projects for more information.
