There is little doubt that the protracted Brexit debacle is weighing heavily on confidence generally which is feeding through into reduced housing market activity in many parts of the UK. Added to this are a persistently high inflation rate and the threat of further interest rate rises, stamp duty changes and an inadequate and piecemeal approach to alleviating the difficulties faced by first time buyers.
Whether it be the doom mongers prophesying a no deal house price collapse or the more probable threat of a steady rise in mortgage rates now the first tentative step up in years has been taken, it is little wonder that the natural British enthusiasm for property trading has taken a knock.
Perhaps you are amongst the many who are crying out for more space, whether it be to accommodate a growing brood of youngsters or older children boomeranging back home, but are too nervous to trade up the property ladder until the post Brexit vision clears? Or maybe you have savings languishing in a low interest account and would like to invest in a property to let, but are put off by 3% stamp duty, let alone the other costs of property purchase? In either case, it may well be prudent to delay a property transaction for now and take the decision to improve, not move.
Let us first look at those desperately seeking to expand their family living space in a home that is straining at the seams. It is estimated that the financial cost of buying and selling a house (priced at the national average of £210,000) is somewhere in the region of £7,500. Note that this figure does not include redecoration, reflooring, wet room upgrades and any number of other home improvements that you will almost undoubtedly feel the need to embark upon to put your family’s stamp on your new house. And, of course, it doesn’t even begin to put a value on the incalculable cost of the stress involved in the process.
Instead of moving, you could instead opt for a traditional extension of the main dwelling, assuming local planning regulations allow. However, this approach is unavoidably messy and disruptive and is also fraught with stress particularly if you plan to save on architect’s fees by managing the project yourself. Even if you are able to seamlessly coordinate material procurement and the timely attendance of a variety of builders and craftsmen, you are likely to be living on a building site for many months, with the constant worry of time and budget overruns.
A far less intrusive, much faster and generally less expensive approach is to build a separate annex in your garden. Whatever your needs (teenage recreational space, family gym or self-contained accommodation for older family members to name but a few) using a company such as TG Escapes will give you architect designed beauty and functionality; amazing energy efficiency and a project manager for the mercifully short duration of the build. Budgeting is simple as the price will be agreed at the initial design phase of the process, which will also ensure that your new space is crafted to perfectly fit your needs.
All of which applies equally to those perhaps looking to invest some savings and achieve a yield significantly above current deposit account rates. A purposebuilt holiday let, tucked away in a quiet corner of your outside space can afford privacy for you and your guests, while allowing for extremely easy management of cleaning, laundry and repairs. While the primary objective of your investment is extra income, you still have the freedom to use the space for your own family and friends coming to visit and are likely to enhance the value of your main residence in to the bargain.
So whether it is an expansion of your accommodation or an investment opportunity that you seek, don’t wait for a Brexit conclusion because who knows when or what that may be?