IMPROVE, DON’T MOVE – RENOVATE OR EXTEND YOUR HOME
If you’ve been stuck trying to get a leg up on the property ladder, you’re not alone. For many, right now is a difficult time to buy a home – this leaves some people stuck in a home that no longer works for them.
High home mortgage rates and monolithic house prices are just some of the reasons we’re here to tell you that now isn’t the time to move, it’s the time to improve.
WHY IS NOW NOT A GOOD TIME TO MOVE HOUSE?
Moving house has always been a big deal. But right now, it’s especially so. Following the Covid-19 pandemic, the war between Russia and Ukraine, and the cost of living crisis in the UK, the housing market has been incredibly volatile.
Because of this, moving house may not be the best decision for you to make. Let’s take a closer look at why that is.
CURRENT HOME MORTGAGE RATES
In May of this year, The Bank of England raised interest rates from 4.25% to 4.50%. This latest rise is the 12th rise since December 2021. And with the next bank rate decisions to be announced on the 22nd of June, many are waiting in anxious anticipation to find out whether or not they will be paying even more than they currently are.
Why are mortgage interest rates rising? The reason behind this rise in current home mortgage rates is to tackle rising inflation in the UK.
So – due to this tumultuous situation of home mortgage rates – if you own your own home, this is one of the main benefits of improving your house instead of moving and getting yourself into this realm of uncertainty and confusion.
HOUSE PRICES IN 2023
You may have heard that house prices are dropping, and it’s true. House prices fell by 3.4% in the year to May, which makes this its fastest annual fall in 14 years.
Which begs the question – why are we saying this is a reason against buying a new house? Because house prices are still high with the average house price in the UK being £285,009 as of writing. Be sure to check the average house prices in your area for a more accurate number to work with.
When you compare this large sum of money that would be needed to buy a new house against the cost of house improvements, the difference can be enormous.
IMPROVE YOUR HOME INSTEAD OF MOVING
As we touched on earlier, transforming your house through improvements could be just the change you need to fall back in love with your property.
We’ve already discussed the benefits of improving your house instead of moving. Which were:
- Avoiding hefty housing market mortgage rates
- Saving thousands which would have been spent on purchasing a new property
So how can you improve to fall back in love with your home?
RENOVATE TO UPGRADE YOUR HOME
It’s simple really; if your current property is no longer fulfilling your needs, then reimagine your space to make it work for you.
There are so many reasons why a home may no longer be ideal for you, such as your growing family means you now need a bigger house. But this doesn’t mean that moving is your only option.
With a home renovation, you can take your current property and mould it into the perfect home, taking into consideration all of your needs, wants and desires. Another plus point for renovating your home is the fact that you can do as much or as little as you want.
What we mean by this is that you could take on a full home renovation to truly create your perfect home, or you could pay attention to just a few rooms in your house, or make extra space by just renovating the basement, for example.
A home renovation from Bespoke Norfolk Group is a long-term investment that could see you saving heaps of cash in the long run.
EXTEND YOUR HOME
Another home improvement method to consider is to build an extension onto your property.
Arguably the main reason people decide to pack up and move house is down to the lack of space in their current home. While that is a valid reason to seek a change, moving house isn’t the only option.
You would be surprised at how much difference an extension can have on a home, in terms of new space acquired. With plenty of extension options to choose from, you can extend your home in several ways.
At Bespoke Norfolk Group, we offer a complete home extension process for our clients, such projects we have completed include:
- Kitchen diner extensions
- Timber frame extensions
- Single-storey extensions
- Two-storey extensions
- Bungalow extensions
Just like a home renovation, choosing to add an extension to your home is a much cheaper option than purchasing a new house.
Between current mortgage interest rates and the average house prices in the UK, we consider that reason enough to ask you to consider improving your home instead of moving to an entirely new one.
Opting for house improvements over moving also offers other advantages, such as keeping you in an area you love, avoiding the hassle of packing and moving, and also adding value to your property when – further down the line – you know it’s definitely time to sell.
If your home is no longer satisfying your needs, ask for our help to see how we can help you improve, not move.