With the credit crunch causing the number of properties on the market to fall dramatically it has proved very difficult, if not impossible to find the house of your dreams. With this is mind, many homeowners are taking the decision to stay in their current property and renovate or extend it to meet their needs instead. Ken Pike of Architect Your Home in Nottinghamshire provides his top tips for renovating in a recession:

Turn the cost of moving into a healthy renovation budget
If you choose to improve rather than move you won’t have to worry about stamp duty, solicitor fees or the actual cost of moving, not to mention the increased cost of buying a bigger house. Used wisely your money can stretch much further to create the space of your dreams without the need to move.

Competitive quotes
are out there
With the credit crunch affecting builders like everyone else, many builders are offering competitive pricing to secure work. Act now and you will also have the advantage of not having to wait for a long time for your builder to start.

Take advantage of lower rates
With interest rates at an all time low, the cost of borrowing is significantly lower at the moment. Combined with this, the reduction in VAT can really help to reduce the cost of your project and make it much more affordable.

Make the most of
what you’ve got
Reconfiguring your current rooms can be the best way to get value for money and achieve great results from a limited budget. If you are on a tight budget always consider this option before you start extending your property. Your architect will be able to suggest some alternative layouts that will maximise the use of the existing space as well as match your lifestyle. This can be as simple as creating an open plan space or swapping rooms around to create a better flow within your home.

Renovate wisely
When considering an extension, the best option is to work upwards into loft space or alternatively outwards into a garden. Extending downwards into a cellar or basement is the most costly and is usually only a good option after you have exhausted other options.

Spend to save
It can be tempting to try to cut corners and save costs in all areas. This can be very effective in some areas, but trying to cut costs in the wrong places can lead to increased costs in the long run. For example missing out on the design stage and going straight to a builder can result in costly changes throughout the project not to mention resulting in a badly designed extension or layout that can actually detract from the value of your project. It’s always advisable to get a good set of drawings in place before you contact a builder so that your builder can provide an accurate quote and you can ensure you have a considered design that will give you the best possible result. Many people also try to save costs on avoiding a main contractor – this is fine if you have lots of time to manage the individual tradespeople and you understand the process however it can lead to problems and increased cost in the long term if you don’t get the project management element right.

Architect Your Home operates nationwide with a network of more than 50 offices offering a unique pay-as-you-go service that makes architectural design accessible to all home improvement projects regardless of their size, complexity or budget. The service starts with an initial visit, designed to kick start a customers’ project by providing affordable inspiration, hand drawn sketches and advice. After the initial visit, the homeowners can use the services of their architect as much or as little as they need.