According to Alan Tovey, director of the Basement Information Centre, getting such renovation work done can not only contribute an extra room to people's property but also boost the value of their home. He added that such a move could be particularly useful for those with a small garden who wish to increase the amount of space in their home. By getting an extension above ground level, the director reported that consumers will discover that they will have "virtually no garden" and could well end up decreasing the value of their home.

However, by fitting an underground basement, beneath the garden, it was suggested that homeowners can not only keep their outdoor space but have also more room indoors, with a home loan one possible way of funding such work. He also claimed that renovated basements are often used for a variety of purposes such as a wine cellar, games room or an extra bedroom.

He said: "We get lots of calls on refurbishing old basements and what we term retro-fit basements - putting basements under gardens. So there's quite a bit more activity going on. Refurbishment is [popular because] the cost of moving is much higher; people prefer to stay where they are ... If they've got an existing cellar with limited headroom, they're sitting on something which probably doesn't have a lot of value - and spending some money on it to increase the headroom will increase the value of that space."

In addition, the director stated that retro-fit basements are "virtually" limited to those living in city centres, particularly in London. Meanwhile, findings from the Basement Information Centre reveal that having a basement fitted underneath an existing property, on average, costs 2,000 pounds-2,500 pounds per square metre. As a result, getting a cheap loan could be one way to pay for such work, in addition to meeting other areas of financial expense such as mortgages and household bills.

Mr Tovey added that those looking to convert an existing basement which already has adequate headroom should find the process quite "straightforward", as such homeowners will just have to add waterproofing. However, consumers with rooms which lack space will have to underpin the foundations of their property to help them lower the floor. As a result such work "clearly adds to the cost", he claims, for which applying for a homeowner loan may be one way in which to meet such expenses.

As a result, applying for a loan for the purposes of renovation may see consumers not only presented with a more aesthetically pleasing home but also increase the value of their property. Earlier this month, Ceri Thomas, editor of Gardening Which?, reported that the winter months provide an opportune time for homeowners to consider doing work on their gardens. She claimed such moves could range from redesigning the whole layout of homeowners' outdoor space to bringing in new plants like hardy cyclamen, pansies and violas, with a cheap home loan a possible means of financing such projects.