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Financing and Protecting Your Snugg

by | April 18, 2020 | 0 comments

“You can have a bespoke premium garden room for less than £100 per month”

Premium garden rooms (like our Snuggs) are growing in popularity. That’s because they provide additional, versatile space to your property and aren’t accompanied by months of disruption while they are being constructed. Plus, well insulated and properly heated garden rooms can be utilised no matter what the weather, meaning you get to enjoy your investment all year round.

But while our Snuggs represent exceptional value for money – especially when compared to building an extension, converting a loft, or even moving house – we appreciate that purchasing one isn’t a decision you should take lightly.

Before you shelve your dream of having a garden room though, consider first the positive impact a Snugg can have on your home’s price tag and just how affordable one can be if you secure the right finance.

Increase your property’s salability ‘exponentially’

We’ve spoken to housing experts in our local area who are confident that one of our premium quality Snuggs can boost a property’s kerb appeal and up its resale price. In fact, some even said that a Snugg had the potential to add 5% to a home’s value!

Indeed, Gavin Human, Associate Partner of Hockeys Estate Agents in Cambridge, explained that the attraction of a Snugg in your garden will increase your property’s salability ‘’exponentially”. This is especially true among professionals who have the ability to work from home and families looking for some extra space. He added that the addition of a Snugg would certainly add value to your home.

When you consider that you can have a bespoke Snugg built for as little as £1,150 per square metre, and that doing so could add 5% to the value of your home, the decision to invest in a Snugg becomes even easier.

Think a Snugg is beyond your reach? Think again…

We were curious to see exactly how affordable one of our premium Snuggs could be, so we crunched some numbers.

Now one of the most common ways our customers spread the cost of a Snugg is by remortgaging their homes. Banks will normally lend to homeowners for improvements and that includes building a Snugg.

While we would always recommend that you speak with your current mortgage adviser/lender in the first instance and never make any assumptions, a typical remortgaging scenario could be as follows:

Current mortgage – £200,000 over a 30-year term
Presumed interest rate – 1.2%
Current monthly repayment – £662 per month

Add a premium bespoke Snugg at a cost of c. £30,000 and, assuming your payment term and interest rate remain the same, your monthly repayment would go up to £761 – that’s an increase of just £99 a month to pay for your Snugg!

Let’s say your mortgage is £400,000 over a 30 year term and the interest rate is 1.2%. Your current monthly repayment would be £1,324 per month. Add a gorgeous Snugg at a cost of c. £30,000 and your new monthly repayment would be £1,424 – an increase of just £100 a month for your Snugg, (assuming all other terms remained the same).

N.B. The above is for illustration purposes only. All calculations were made using a reputable mortgage calculator via Money Saving Expert. Always check with your lender for accurate figures relating to your own situation and circumstances.

Protecting your Snugg

Obviously, another consideration once your Snugg is in place is how to protect it? After all, your Snugg is a seamless extension of your home and so it should be safeguarded in just the same way.

The good news is that most reputable home insurance providers will be able to add your Snugg as an ‘outbuilding’ on your policy. There should be no issues adding your Snugg because we build each and every one in line with the minimum security requirements most insurance providers require.

Some providers will also cover the contents of your Snugg, but this certainly does not go without saying, which is why you need to specifically ask about this aspect when you speak to your provider.

For ultimate peace of mind and to make things easier for you, we can put you in touch with industry professionals who will be happy to discuss your situation and provide advice.

N.B. We are not advisers and do not offer advice on any insurance policies. Always check with your provider for bespoke advice relating to your own situation and circumstances.

What will your Snugg look like?

Get in touch today to find out more about our bespoke premium Snuggs and learn how we build them exactly around your wants and needs.

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