You may already be living in your dream home

Lots of our customers are talking to us about renovating their homes. Many are working from home more following the pandemic, so getting their houses just right has become a bigger priority. Also, with energy bills rising, we’re seeing more and more people looking into sustainable energy options like solar panels and heat pumps.

Kate Kowalska
Premier Manager

Questions to ask yourself

Will renovating add value to my property?

Home improvements come at a cost – and you might have to live in a building site for a while – but they may add value to your home. Let’s take extensions as an example. According to, the average extension will add between 10 per cent and 20 per cent to the value of your property, depending on where you’re extending and what type of room you’re creating. The Office for National Statistics has created an extension calculator to work out how much value it could add. It gives an approximate number using the average values of houses across local authority areas. There may be other factors it doesn’t take into account, but it gives you a rogh idea.

Do I need planning permission?

Under ‘permitted development’ rules, you might not need planning permission if the extension doesn’t exceed 50 per cent of the land your house sits on. But this is subject to various restrictions, such as changing the height of your house, so make sure you consult the permitted development rules before beginning a project. You may also want to consult an architect early on. Another thing to consider is period homes with historical or architectural significance could be protected by the listed buildings scheme, so you’ll need the agreement of local planners before making any changes. 

The UK Government provides guidance on when planning permission is required but keep in mind that applications can take up to eight weeks.

What type of renovation should I go for?

Whether you’re considering an extension, loft conversion, conservatory, or kitchen facelift, opting for home improvements could solve a problem you thought only a new house could fix. But it’s worth keeping in mind that all new building work, including alterations, must comply with­ regulations. Things like extensions, structural alterations, conversions, and new heating appliances all require building regulations approval - which is separate from the planning permission mentioned above.

Also, bigger is not always better when it comes to renovation. You may be able to make better use of your existing space through clever design.

Should I go green?

If you’re considering remodelling your home to make it more energy efficient, you could be eligible for government funding. This is offered for the installation of heat pumps, solar thermal systems, insulation and double or triple glazing. Doing so isn’t just good for the environment, it could save you money and may even increase the value of your property.

How could you pay for it?

There are multiple costs to consider when it comes to renovating your home: design, planning, construction, fittings and finishes. estimates the basic price of building an extension in the UK is between £1,100 and £1,400 per square metre in 2022 (not including VAT). There are lots of ways you could potentially fund this and a Financial Health Check with your Premier Manager could help you explore what might be best for you. 

So, should you stay or should you go? There are pros and cons of both, but if you think you could already be living in your dream home – if only for a bit of TLC and some helpful builders – speak to your Premier Manager to chat through your options.

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As always, Premier 24 is available any time for your day-to-day banking needs or book an appointment with your Premier Manager if you need to discuss something more in-depth about your financial plans.

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This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of the NatWest Group Economics Department, as of this date and are subject to change without notice.

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