Turning A Home Into Income with a Remortgage
Rentable space within your home can create a good bit of extra income. This is possible through renovating the house by way of a remortgage.
If a homeowner qualifies this is a great use of a remortgage and could easily be recouped through quickly acquiring tenants for the new space. In some older homes, basements were servants quarters historically, so they have their own access. These types of homes would be simple to renovate for space for a renter. Planning consent will need to be acquired from the local authority to create this space, and whether it is agreed upon is reliant on several factors. Where new doorways and staircases are situated are two of these factors. One other concern is you have to maintain the same style of house compared with those surrounding the house. Make sure and check with local authority requirements when considering this. In most cases, major renovations will need to take place to create rentable space. For example, adding kitchens, bathrooms and separate access is needed just as much as the basics. It is a good idea to inform your lender upon remortgage of your intentions. This will affect the outcome of how much the lender will provide for your goals. Also, the amount of equity in the home to that point will affect the outcome. Recording each separate residence with the Land Registry will also need to be done. Whether you are looking to create rentable space or just acquiring a lower interest rate, remortgaging the property is a favorable decision now and for the future. See a remortgage specialist for the best advice on this and other related matters.