October 27, 2021

Race to Zero hits breakthrough targets in the built environment

Responsible for an astounding near 40% of all greenhouse gas emissions, the built environment is a driving force behind global climate change mitigation efforts. The range of actors across the sector – from architects, engineers, construction companies to asset managers – have recognised their power to act by signing up

Read More »

Heat pump grants fail to address major issue warns green heating expert

The newly unveiled Heat and Buildings strategy doesn’t go far enough to address major problems in the race to reach Net Zero, warns Tim Rook, Chief Markets Officer at Clade Engineering, a leading designer and manufacturer of CO2 heat pumps.  The long-awaited strategy was unveiled yesterday and contains details of the

Read More »

Barhale wins Greenwich to O2 mains installation work

Civil engineering and infrastructure specialist Barhale has been selected by Thames Water to install more than 4km of new trunk main in south east London as part of plans to build additional capacity in the area. The £8.6M project will install a DN800 DI pipeline between Crooms Hill, Greenwich and

Read More »

NeoGraf Solutions’ New Advanced Graphenes Targets Building & Construction Market

Graf-X™ graphene nanoplatelets and precursors significantly improve strength, corrosion resistance, and reliability  NeoGraf Solutions, a leading developer and manufacturer of high-performance natural and synthetic graphite sheet and powder products, has extended its range of next-generation graphite materials with the launch of Graf-X™ graphene nanoplatelets (GNP) and graphene precursors (GP). Both

Read More »
Huge Initiative to Address KBB Skills Crisis Unveiled by BiKBBI

Huge Initiative to Address KBB Skills Crisis Unveiled by BiKBBI

The British Institute of Kitchen, Bedroom & Bathroom Installation (BiKBBI) is to offer installers easy and affordable access to apprentices with a ground-breaking employer package for the new Apprenticeship programme. The KBB Fitted Interiors Apprenticeship programme is set to provide hundreds of youngsters with career opportunities within the KBB installation

Read More »
Mental Health Event Success Sees Quintain Living Tackle Burnout

Mental Health Event Success Sees Quintain Living Tackle Burnout

On World Mental Health Day, Quintain Living resident and international speaker Rob Wall hosted a hugely successful session – ‘Living by Priorities, Not Pressure’. Now, fellow resident and leading business psychologist Dannielle Haig is hosting a further session, designed to support anyone coping with burnout and help people build a

Read More »
Final Call for Heathbourne Village Shared Ownership Homes

Final Call for Heathbourne Village Shared Ownership Homes

According to popular online property portal Zoopla, property prices have risen by an average of £44 per day over the past 6 months. With such rapid price rises taking place, getting onto the property ladder is becoming an increasingly difficult task for many aspiring buyers keen to own their own

Read More »

What Is House Hacking and Why Should You Try It?

More homeowners are turning to house hacking to make a little extra cash from their properties and keep their finances in check. To find out if this is a strategy you could make use of, here is a brief guide to the ins and outs of house hacking in the

Read More »

Latest Issue

BDC 321 : Oct 2024

October 27, 2021

Race to Zero hits breakthrough targets in the built environment

Responsible for an astounding near 40% of all greenhouse gas emissions, the built environment is a driving force behind global climate change mitigation efforts. The range of actors across the sector – from architects, engineers, construction companies to asset managers – have recognised their power to act by signing up in waves to the Race to Zero through which they have committed to achieve net zero carbon by 2050 at the latest. In the year leading up to COP, the campaign has resulted in hundreds of companies globally committing to the Race to Zero, including: • USD 1.2 trillion real estate assets under management are part of Race to Zero. • Percentage of construction companies in the Race to Zero doubles in the two months prior to COP26. • Over 100 SME construction companies across 10 countries join Race to Zero. • 2030 Breakthrough reached as 20% of Architects and Engineers join the Race to Zero. Race to Zero is the UN-backed, global campaign to rally leadership and support from all non-state actors for a healthy, resilient, zero carbon recovery. All members are committed to the same overarching goal: halving emissions by 2030 and achieving net zero emissions by 2050 at the very latest.

Read More »

Heat pump grants fail to address major issue warns green heating expert

The newly unveiled Heat and Buildings strategy doesn’t go far enough to address major problems in the race to reach Net Zero, warns Tim Rook, Chief Markets Officer at Clade Engineering, a leading designer and manufacturer of CO2 heat pumps.  The long-awaited strategy was unveiled yesterday and contains details of the Government’s £3,9bn plan to improve access to energy efficient heating technologies. Part of this is a £450m boiler upgrade scheme, which will allow homeowners to apply for grants of £5,000 towards installation of low-carbon heating systems, such as heat pumps. However, when delving into the details, Tim is concerned that the plan doesn’t go far enough. “It’s great to see the Government finally moving on the climate critical issue of heat and promoting heat pumps as the best form of sustainable heating technology on the market. However, the strategy is far too small and fails to adequately address the major issue of the difference between the price of gas and that of power. If the Government were to rebalance this it would transform the market and really drive mass adoption of low carbon heat pumps,” Tim explains. “The strategy is further confused by the inclusion of hydrogen and weakened by many follow-on consultations and studies. There is some content that is likely political bluster, such as the mention of 25% price reductions for green technologies and its disappointing to see house buildings being given at least three more years of building inefficient housing when we could be building better right now.” He adds Decarbonising heat is one of the most effective ways of lowering emissions in the UK, but with 85% of UK homes reliant on gas for heating, more needs to be done to improve access to green heating technologies. £5,000 grants will help just 90,000 households, a drop in the ocean against the 600,000 annual installations needed by 2028 to reach Net Zero.  Time is of the essence, as Tim explains,“There is a fixed budget of carbon we can release into the atmosphere before we exceed our target of 1.5C of global warming. If we fritter that budget away in a short period of time, we don’t get it back. Leaders have to stop being wilfully blind, recognise the critical risks we face and act fast to mitigate them, for all our sakes.

Read More »

Snagging issues increase by 96% – These are the new-build nightmare that will render your home worthless

Research by new-build snagging experts, BuildScan, has revealed how the issue of snagging within the new-build sector has exploded over the last 15 years as well as revealing which issues are likely to render your new home worthless. BuildScan’s data shows that the average new-build home comes with as many as 157 snagging issues. That’s up from an average of 80 in 2005, a 96% increase and an average annual jump of 6.4% every year. At the same time, new-build house prices have increased by 44% in value, with homebuyers now paying an average of £340,936 despite the drop in quality. In many cases, these snagging issues can be inconvenient but fairly easy to remedy with poorly fitted doors, poor plastering and low attention to detail amongst the most common. However, in the most severe cases, snagging defects can render your home worthless and BuildScan has revealed the top five new-build nightmares to watch out for. Structural defects are a worst-case snagging scenario and often occur due to shoddy foundation work. Cracking in walls, sloped floors and windows or doors that fail to shut as they should are the most common signs and structural snags can be amongst the most expensive, and difficult, to repair. Poor installation or issues with damp-proof coursing, poorly installed pipework or plumbing system defects can also be costly, causing water leaks, intrusion and damage. Not only can they cause serious flooding damage and lingering damp, but they can also leave new-build homeowners without one of life’s basic necessities. The roof is an integral part of our homes but all too often new-build homeowners can find incorrectly fitted roof trusses. Not only do they pose a real danger, but can also breach the standards set by the National House Builders Council – rendering a home worthless. The roof also protects our home from the elements and so even minor damage can lead to a major issue allowing water to seep into loft spaces, walls, ceilings and floors. Perhaps one of the most dangerous snagging areas is electrical and gas supply issues. Wiring issues, in particular, can be particularly common and can pose a very real risk of fire. A poorly installed gas boiler can also be highly dangerous and in a worst-case scenario, it could cause death via carbon monoxide poisoning or explosion. Finally, dreaded black mould can also render your home worthless. It can be particularly common in new-builds if the home isn’t given time to dry out properly and not only is black mould a nightmare to get rid of, but it too can pose a danger to health. Founder and Managing Director of BuildScan, Harry Yates, commented: “An average snagging list of 157 defects may sound unbelievable but that really is the extent of the issues found by many new-build homebuyers and it’s an issue that has unfortunately grown significantly over the last 15 years. These can range from very minor aesthetic issues to far more serious problems such as structural instability that can result in your home being worthless despite the high price paid. This was the driving motivation behind the launch of the BuildScan app. We wanted to provide a seamless platform to help manage the completion and handover process of a build project, allowing all stakeholders within the construction process to proactively plan and coordinate their workflow. With BuildScan they can complete snagging inspections and log any defects found, manage tasks and workflow to rectify these issues, track progress, include punch lists, surveys and more, all within the same space. They can also invite third parties to the process such as homebuyers, surveyors and contractors so that the communication gap between all parties is bridged and a solution can be found. By doing so, we believe we’ve found that solution to a problem that has plagued the new-build sector for years and this should give home buyers and developers alike the tools they need to solve any snagging issue.”

Read More »

Barhale wins Greenwich to O2 mains installation work

Civil engineering and infrastructure specialist Barhale has been selected by Thames Water to install more than 4km of new trunk main in south east London as part of plans to build additional capacity in the area. The £8.6M project will install a DN800 DI pipeline between Crooms Hill, Greenwich and Ordnance Crescent, adjacent to the Blackwall Tunnel approach and the O2 stadium, on the Greenwich Peninsular. The programme of works will be a key element of Phase Two of the construction of new water infrastructure between Deptford Water Treatment Works (WTW) and the Greenwich Peninsular and will help Thames Water meet water demand for ongoing and future development. Barhale was also responsible for the completion of Phase One – the Deptford to Greenwich Main – which ran from Broadway Fields near the Stephen Lawrence Centre along Greenwich High Road to Crooms Hill. The new main will connect to an existing DN800 water main at Crooms Hill before crossing Greenwich Park. It will be the largest construction project to be undertaken in the park since the 2012 London Olympics. Barhale contracts manager James McKenzie, described the works as a key part of Thames Water’s strategy to ensure there is a sufficient capacity to meet future requirements. “This part of south east London is seeing a lot of development activity at the moment and that is only likely to continue as cross-river access improves thanks to the new Riverlinx project,” he said. “The new main between Crooms Hill and the Peninsular will be another important step towards meeting increased demand and building greater resilience in the network. “We are particularly pleased to have secured the Phase Two work after having been able to play an important role in the Phase One works and look forward to working with the Thames Water team to bring the project to completion in March 2024.”

Read More »

NeoGraf Solutions’ New Advanced Graphenes Targets Building & Construction Market

Graf-X™ graphene nanoplatelets and precursors significantly improve strength, corrosion resistance, and reliability  NeoGraf Solutions, a leading developer and manufacturer of high-performance natural and synthetic graphite sheet and powder products, has extended its range of next-generation graphite materials with the launch of Graf-X™ graphene nanoplatelets (GNP) and graphene precursors (GP). Both high-performance additive materials deliver enhanced mechanical strength, corrosion resistance, electrical conductivity, thermal properties, and reliability in a broad range of building and construction applications. GNPs are ultra-thin, multilayer graphene nanoplatelets. Graphene is a single layer of carbon atoms arranged in a hexagonal matrix that is high strength, super thin, and offers the highest electrical and thermal conductivity. GPs are graphite products designed specifically as a raw material for efficient high-volume production of graphene products through further processing. The introduction of the Graf-X line is a transformational move for NeoGraf Solutions which has more than 140 years of product leadership and innovation in the carbon and graphite industry. “We’re leveraging our growing production capabilities and application development expertise to take graphene from the lab to large-scale commercial success,” said Jon Taylor, NeoGraf Product Manager. NeoGraf is a fully integrated graphene product supplier with a GNP capacity of more than 750 metric tons and a GP capacity of approximately 1300 metric tons at their facility in Lakewood, Ohio. NeoGraf Solutions’ expanded product portfolio provides the industry with a source of high-volume, quality graphene nanoplatelets with sizing and specification options that can be tailored for specific applications. The company also leverages its extensive sourcing and processing capabilities to supply the industry with graphene precursors, which are graphite products designed to enable efficient conversion into graphene materials. In building and construction, Graf-X graphene nanoplatelets (GNP) can increase the strength of standard concrete by approximately 30% (flexural, compressive, and tensile) at a loading of just >1 wt% or less. GNPs also promote more resistance to cracking and thus extend product longevity.  GNP products provide corrosion resistance for rebar-reinforced concrete and serve as a barrier to water absorption, reducing maintenance and reliability costs associated with concrete structures. Cement production for concrete contributes ~8% of the world’s carbon dioxide emissions today. These graphene additives can reduce the amount of material required to make concrete by 20% or more, resulting in a significant reduction in global carbon emissions. In insulative foams, graphene additives can increase the R-value (a measure of the foam’s thermal insulation properties) by 20% or more compared to the base foam. The advanced graphene materials are commercially available and can be used in a range of applications including tensile strength enhancement in concrete admixtures and R-value increases in extruded polystyrene (XPS) insulation boards for home construction. For more information on Graf-X graphene products, please visit www.neograf.com.

Read More »
Huge Initiative to Address KBB Skills Crisis Unveiled by BiKBBI

Huge Initiative to Address KBB Skills Crisis Unveiled by BiKBBI

The British Institute of Kitchen, Bedroom & Bathroom Installation (BiKBBI) is to offer installers easy and affordable access to apprentices with a ground-breaking employer package for the new Apprenticeship programme. The KBB Fitted Interiors Apprenticeship programme is set to provide hundreds of youngsters with career opportunities within the KBB installation sector, tackling immediate worker shortages and longer-term skills gap challenge. New national network of BiKBBI approved Centres of Excellence to ensure apprentices will receive a first class foundation to their installation career; Compelling package of support that enables installers take on apprentices without having to deal with recruitment, employment or training complication; Promotional campaign backed by six figure support set to drive interest in taking up apprenticeships among young people across the country. The British Institute of Kitchen, Bedroom and Bathroom Installation (BiKBBI) is today calling on the industry and installation businesses of all sizes to support the long-term future of the industry’s workforce by promoting the apprenticeship programme and ultimately supporting businesses to take on an apprentice, safe in the knowledge that doing so will be hassle-free with support from BiKBBI. The invitation comes thanks to a ground-breaking package of tailored support for installation businesses that the Institute has developed in collaboration with strategic partners. With demand for installation higher than ever, the new BiKBBI support package offers installation businesses a fast track to the workers they need for their businesses to continue to deliver and grow during these times of unprecedented demand. The apprenticeship package that BIKBBI has developed comprehensively addresses: The recruitment of high-quality apprentices, including advertising vacancies, vetting applicants and carrying out all eligibility checks; All employment administration, including contracts and paperwork, health and safety checks, and running payroll for the apprentice; All of the training requirements, including placing the apprentice with an accredited training provider (BiKBBI Centre of Excellence), monitoring the apprentice’s progress and arranging for the end point assessment needed to complete the apprenticeship; All performance management and support for the apprentice – freeing up the installation business to focus on the work itself; The process to complete the apprenticeship, ensuring that the apprentice is ready to transition into the next phase of their career. Backed by a three-year funding pledge from Quooker, BIKBBI expects this to lead to over 500 new apprentices per year entering our industry. Campaign activity will include working closely with the college recruitment departments and visiting schools to generate interest in KBB installation careers. BIKBBI is also in discussions with a number of charities and community groups to develop recruitment campaigns within underrepresented communities, helping to ensure that the people from all backgrounds take up the opportunities of a KBB installation apprenticeship.

Read More »
Mental Health Event Success Sees Quintain Living Tackle Burnout

Mental Health Event Success Sees Quintain Living Tackle Burnout

On World Mental Health Day, Quintain Living resident and international speaker Rob Wall hosted a hugely successful session – ‘Living by Priorities, Not Pressure’. Now, fellow resident and leading business psychologist Dannielle Haig is hosting a further session, designed to support anyone coping with burnout and help people build a resilient mindset. Quintain Living residents will learn how the lifestyle-led facilities such as gyms and gardens available in their building can help support their mental wellbeing. Scheduled for 27 October, the free-to-attend event will be open to all residents. Burnout is on the rise. An Indeed survey of 1,500 workers has found that 52% reported experiencing burnout in 2021, compared to 43% prior to the pandemic. Millennials are suffering the most, with burnout at 59% post-pandemic (and 53% before). However, Gen-Z is catching up fast, reporting 58% burnout at the time of the survey compared to 47% pre-pandemic. Gen-Xers however have seen the biggest leap in burnout rates, jumping from 40% before Covid to 54% currently, and even Baby Boomers are feeling the pressure, with their burnout rate increasing from 24% to 31%. Overall, 67% of workers across all ages believe that burnout has worsened during the pandemic. An understanding of this, along with a long-term commitment to ensure the wellbeing of residents, is what is driving Quintain Living to organise mental health sessions for residents. Dannielle Haig’s session on 27 October will share tips and tools on dealing with burnout. It will also focus on using the facilities available within Quintain Living’s buildings to help build a resilient mindset. The award-winning management company, which oversees the rental of more than 3,000 apartments in Wembley Park, is known for its innovative rental offering. At Canada Gardens, for example, the urban country vibe and pace of life is embodied through extensive greenery (both indoors and out), a cosy clubhouse, a library, designer work-from-home sheds, an all-wooden pirate ship playpark, allotments and much more. Neighbouring building The Robinson, on the other hand, offers eclectic homes – the style is described as ‘contemporary, mid-century, art deco and retro kitsch’ – and residents can enjoy the use of everything from a spa caravan and work-from-home campervans to a rooftop slide, a Mad Hatter’s Tea Party Garden and the John Lennon-inspired peace garden. The burnout session will be shaped around creating practical coping mechanisms that use Quintain Living’s amenity offering to the full, whether that be taking time to tend to vegetables in your allotment or lightening your mood by using the more playful facilities.

Read More »

NITTAN EVOLUTION FIRE DETECTION SYSTEM PROTECTS NORTHERN IRELAND SHOPPING CENTRE

A Nittan Evolution fire detection system has been installed into the Bloomfield Shopping Centre in Bangor by Nittan Elite Partner Solutions for Systems, based in Northern Ireland. Built in 1992, the Bloomfield Shopping Centre has for many years been North Down’s premier shopping destination, featuring a covered mall with 45 retailers, eight retail park units and three stand-alone restaurants.  A new fire detection system was required at the site and, following detailed proposals by Solutions for Systems, a Nittan Evolution system was installed.  William McBride of Solutions for Systems stated “Nittan were specified because the client required that the system selected be compliant, cost effective, user friendly and have functionality to permit integration with existing or future building management systems”. The new fire detection systems feature eight Nittan Evolution 1 fire alarm control panels installed in a network at strategic locations throughout the site, enabling site personnel to quickly and effectively access and assess any alerts on the fire alarm system without needing to return to the control room or to have dedicated staff located at a single panel in a control room.  Evolution 1 are user-friendly touch screen panels that are both reliable and cost effective.  Fully compliant with BS EN54 part 2 and 4, the Evolution 1 panels have been designed with separate dedicated menus for the user and installer. They have the capability of running up to 254 devices on the loop, while the flexible architecture means everything from a single standalone panel, to a 16 panel network can be achieved without any additional hardware. Evolution 1 panels are compatible with Nittan’s award winning Evolution range, which uses microprocessor technology in the sensors and sophisticated detection algorithms, combining extremely reliable fire detection together with a very high degree of protection against unwanted false alarms. Its advanced, highly flexible protocol is not only uniquely resistant to external interference, but also allows for substantial amounts of information to be transmitted at high speeds.  At the shopping centre, Evolution EV-DPH-A2R Dual Optical Heat Detectors were selected, which feature Nittan’s award winning Dual Optical Technology to reduce false alarms, which retail environments are often prone to.  Furthermore, the detectors also incorporate an A2R class heat detector.  As such, the units are capable of monitoring two very different by-products of a fire –smoke and heat – so response to all fire types is significantly improved when compared with single sensor type units.  The Evolution EV-DPH-A2R Detectors sit on Nittan EV-AV2-Sounder Beacon Bases which provide both sound and visual indication of alarm. The new BS5839 Part 1 compliant Nittan Evolution system installed at Bloomfield Shopping Centre is now in operation and meeting the needs of its customer.  It provides the level of protection required at a competitive price, from the cost of the equipment through to the installation and ongoing maintenance.  Whilst the cause-and-effect requirements of the centre and retail park are relatively complex and detailed, it was easy to configure with the Nittan system and a substantial part of the work to do so was performed off site which reduced on site disruption and installation costs. In addition, the system is open protocol and comes with an extended warranty which means the client has reassurance from an ongoing maintenance perspective that there should be minimal future costs after installation.  The open protocol also ensures the Nittan system can readily interface with the existing centre BMS and also the systems in individual shop/retail units. For more information, please contact Nittan on 01483 769 555 or by email at sales@nittan.co.uk or go to www.nittan.co.uk.

Read More »
Final Call for Heathbourne Village Shared Ownership Homes

Final Call for Heathbourne Village Shared Ownership Homes

According to popular online property portal Zoopla, property prices have risen by an average of £44 per day over the past 6 months. With such rapid price rises taking place, getting onto the property ladder is becoming an increasingly difficult task for many aspiring buyers keen to own their own home. For those on the hunt for an affordable start to their homebuying journey, St Arthur Homes’ Shared Ownership homes in Hertfordshire’s commuter town of Bushey Heath make the perfect choice. Delivered in partnership with luxury housebuilder Consero London, buyers who reserve the final Shared Ownership home at Heathbourne Village can take advantage of saving £500 off their legal fees. Positioned just a stone’s throw from Bushey Heath, Heathbourne Village residents benefit from living within a stunning location alongside convenient commuter links to the capital. The buildings have been thoughtfully designed to reflect the stunning local architecture, while the exclusive gated community is host to a beautiful collection of landscaped grounds. The final Shared Ownership home, a one-bedroom apartment, offers beautiful, contemporary interiors coupled with a luxurious specification purchasers can secure this stylish new property using a deposit of just £7,900! Louise Mills, Sales & Marketing Director for St. Arthur Homes comments: “Our beautiful Shared Ownership homes at Heathbourne Village benefits from Consero’s expertise in design and construction. These stunning new homes have proven incredibly popular amongst buyers seeking affordability without having to compromise on style or location. With just one apartment remaining prospective purchasers should be quick to book their viewing.” The remaining one-bedroom first-floor property has been designed to maximise space and comfort. An impressive open-plan kitchen/living area provides a hub for living. Contemporary kitchens feature a range of high-quality integrated appliances, including a Siemens electric oven, full height fridge/freezer, washer/dryer and a dishwasher. The stylish bathroom is complete with a beautiful stone worktop, a sleek bath and a gorgeous mirror. The spacious bedroom is a calming sanctuary, including both fitted wardrobes and plush carpets. The home is set within an attractive gated community, which includes beautiful landscaped grounds and allocated parking. Residents at Heathbourne Village are well placed to enjoy the range of every day essentials just a short walk away in Bushey Heath. A little further off, Bushey Village features an attractive high-street which includes a selection of pubs, a library and a convenience store. For those keen to enjoy a day of retail therapy, Watford is just a 14-minute drive away and host the Atria shopping centre. Here, more than 140 shops, restaurants and leisure attractions are on offer including Hollister, H&M and a 9-screen Cineworld cinema. The surrounding area is also the ideal place for residents to enjoy a variety of green spaces. Stanmore Common, a local nature reserve, is just a 15-minute walk away and provides 49.2 hectares for walkers to enjoy. Lea Heath and Bentley Priory Nature Reserve are also nearby offering even more green spaces to explore. For keen golfers, there are a range of courses in the local area including Grim’s Dyke, Hartsbourne and Stanmore. Bushey Heath is a popular commuter town with exceptional travel links. For travel into London, Bushey train station is under three miles away and offers direct services to London Euston in as little as 18 minutes. Elstree and Borehamwood train station is also just an 8-minute drive away, offering services to London St Pancras in just 26 minutes, while from Harrow & Wealdstone station there are services to London Paddington in 40 minutes. The M1 is less than two miles from Heathbourne Village offering transport links to London, Leicester and Leeds. For international travel needs, Heathrow Airport can be reached in the car in around half an hour.

Read More »

What Is House Hacking and Why Should You Try It?

More homeowners are turning to house hacking to make a little extra cash from their properties and keep their finances in check. To find out if this is a strategy you could make use of, here is a brief guide to the ins and outs of house hacking in the modern era. Understanding the basics While the term ‘house hacking’ is relatively new, the principles it describes are well established at this point. The idea is that rather than buying property simply to live in, you can treat it like an investment from which you actively earn income. The main way to generate cash from a home you own is to rent out a portion of it to a third party. That way you are pulling in rental payments and thus offsetting the costs of your mortgage. Of course if you have secured favorable mortgage rates by clicking this link, then your monthly outgoings should be acceptable. Even so, it still pays to realize some of the value of your property through house hacking, and save towards the next steps you want to take in your life. Considering your options Now you have a sense of what house hacking is, it’s time to look at the options you have for achieving it as a homeowner. Firstly, you could purchase a multi-unit property, or divide your existing house into two or more units, and rent out the space to anyone who needs a place to stay, while you remain resident in the remaining portion of the premises. Be aware that in this instance, you will need to take onboard any local zoning laws and other rules and regulations governing the use of domestic residences in this way. You will also need to factor in tax regulations which may apply if you adopt this approach, which is true of any new income stream you start to generate. Second, you could take a slightly different route and rent out the entire property, setting aside only a small separate area on the premises for your own use. It is increasingly common for homeowners to create livable outbuildings and micro-homes in the grounds of a larger property, while leasing the primary residence. Third, you might be eager to make a career in the property market, buying homes that are in need of renovations and then getting the work done to bring them up to modern standards so that they can be sold at a profit. The big players in this market tend to do this on a large scale, and live elsewhere while work is completed. However, if you are on a shoestring budget then staying on-site while renovations are taking place will save you a bundle and also help you to become more familiar with what is involved in this kind of work. Other aspects to keep in mind We have already touched on the tax implications of house hacking, and of course this is worth investigating with the help of a financial advisor so that you can do it in an above-board way. There are also additional expenses to build into your calculations when you decide to make money from your home. For example, you will likely be required to cover the costs of maintaining the parts of the property you rent out to meet minimum standards, and will also benefit from getting insurance to protect you in various unpleasant scenarios that can arise. So if house hacking is an attractive idea, now is the time to get involved, especially as mortgage rates could rise soon.

Read More »