At one point, property was a reliable golden goose. But the global credit crunch has changed all that. With some homeowners facing negative equity, property has turned into something of an ugly duckling. But beauty is in the eye of the beholder. In fact, some may say that the property crash has helped us re-evaluate what's important: rather than seeing property as an investment, it's time to see our property as a place we call 'home'. Our homes should not necessarily represent our pensions or retirement funds. They should be places we live, places where we feel at home – profit or no profit.

 

As TV property expert and Editor-in-Chief of Real Homes magazine, Michael Holmes said: “There is definitely a change in attitude towards our homes. People are planning to stay longer and as a result their priorities have changed, and people are making home improvement decisions based on their own taste and requirements, rather than trying to second guess what a future buyer might want.”

 

 

Our homes used to earn more in a year than many of the homeowners living in them earned in their jobs. With the mad rush towards ownership we've witnessed in the past 30 years It isn't surprising we became so greedy for property. Thinking of houses simply as homes again is a seismic shift in attitude. But more homeowners are being forced to some extent to re-think and invest in their properties as selling is simply not an affordable option. As Michael Holmes says, the property crash and recession has been important to help us re-think our homes, as well as inform interior design trends, which are swaying towards the 'shabby chic' look: “The result is more individuality. The make do and mend spirit is also alive and well in a new ‘golden age of thrift’ and people are rediscovering the values of quality and longevity, and so we are seeing far more older and second hand pieces being used, together with homemade or handcrafted items, creating a more eclectic look.”

 

 

The harsh reality of the property market means even if we wanted to move house, staying put makes more financial sense. But our homes, like our lives don't have to stay fixed – if your family expands, you can expand your home with a loft conversion. As a property expert, Michael explained: “Converting your loft is one of the most cost effective ways to add more space to your home. The typical cost is £850-1050/m2 and as long as local property values exceed this, it makes good financial sense. Because you are using existing space it is cheaper than extending and you don’t lose any garden space. Not every loft is suitable, however, you need to consider how much usable space will be created by measuring the area with at least 2.1m of headroom, but this can be increased by changing the roof shape, such as adding a box dormer at the back. Modern engineered truss roofs are more expensive to convert that traditional roofs, found on houses built before the 1960s.”

 

 

Making the decision to opt for a loft conversion could be the result of a number of factors – you may love your home but feel there isn't enough space, your family could be growing and you need an extra bedroom, you may be self-employed looking for a dedicated home working space. But when it comes to financial motives, loft conversions make the most economical sense for homeowners looking to expand their space but who don't want to move either because they can't afford to, or don't want to – after all, there's no place like home.

“In the current market many people are deciding to stay put, rather than move,” Michael added. “Few want to take on a larger mortgage whilst there is uncertainty in the economy and the housing market, and it is harder to find a buyer too. Some might find it harder to get a larger mortgage, or may little or even negative equity in their home, so selling is not an option. Despite the economic climate, life goes on and people still need more space, and improving may be the only option. With moving costs, stamp duty, estate agent’s fees and legal fees, it can make more financial sense to improve than move in many circumstances, but you need to weigh up cost versus added value carefully.”

 

 

And for those who simply want to make a spectacular design statement or indulge in a luxurious, dedicated space, loft conversions can be incredibly stylish. As Editor-in-Chief as one of the most popular home magazines, Michael has seen some spectacular loft conversions gracing the pages of his magazine: “We have featured some great loft conversions, particularly ones where they have assembled several rooflights to create a big feature window, or created a luxury en suite and master bedroom.”