Why more homeowners are choosing not to move but improveadmin
Traditionally, spending on home improvements has been linked to the property market and the number of sales. Recently, however, this trend has changed, with home improvement spending increasing against a fall in property sales figures. In today’s uncertain economic climate and housing market, more homeowners are choosing to make improvements to their home rather than move. There are benefits to making this choice.
Flexibility – Many homes present enormous potential and flexibility for improvements from new windows and doors to conservatories and full extensions. Modern construction methods mean less disruption to those living in the home during the course of improvement work, coupled with much greater choices amongst products and competitive prices following such competition.
Cost – The mortgage market is ever changing but there are many opportunities for existing mortgage-holders to re-mortgage and use the money gained to carry out exciting improvements to their home. The cost of re-mortgaging or taking out a loan for such improvements is usually offset by the increase to the value of a property that has been professionally improved. This makes improving rather than moving home much more attractive from a financial perspective. The soaring costs of stamp duty, legal fees, professional fees and even the costs of physically moving from one home to a new one make remaining in a current home and improving an attractive prospect.
Less disruption – Regardless of how positive a move of home may turn out to be, the actual process of finding a suitable new property, making necessary arrangements and waiting for the sale to ultimately go through can be a very lengthy and stressful time, to say nothing of the actual physical move. By choosing to improve rather than move, homeowners can relax and make plans to capitalise on the potential of their home. Even a simple room makeover can be accommodated without too much disruption, and with professional services available for renewing windows, doors, installing conservatories and undertaking the building of extensions, homeowners can remain in control.
Variety of choice – Whether it is adding another bedroom or living room to provide more living space, or wanting to improve the quality of the living experience, home improvements will always add value to a property. There is such a variety of improvement options available, from replacement windows and doors, adding conservatories, garage conversions, creating or renewing driveways, garages and gardens, that every aspect of a property’s potential can be maximised. Many of these improvements will fall below the average cost of moving home, whilst at the same time adding not only to the quality of living but also to the financial equity of the property. Given all this, it is clear why so many more homeowners are choosing to remain and improve.