What To Do While We Wait.
With the Brexit process proving a drawn-out affair, it would be a little disingenuous to suggest it’s not having an impact on the housing market in the UK.
It’s not as bad as some predicted; there’s been no property crash and house prices are still edging upwards. However, as the Brexit process has trudged on, it’s fair to say the property market has lost some of its momentum, probably persuading quite a few to sit tight rather than put property up for sale right now.
So, if that’s you, what can you do in the meantime to enhance your home or add a little value to your property?
Make It Bigger?
We’ve been on record before advising against any hefty investment if it’s purely to increase your asking price. It’s a risk which might not pay off, particularly in a market which is now plodding rather than sprinting along.
But, if you are planning on another five to ten years in your current home then it may well be worth adding some extra living space, particularly if you expect your family to grow or if your property is already bursting at the seams.
Something Less Radical?
A smaller £10k investment in something like a conservatory, an office, a utility space, a kitchen extension or a bigger living room could more than pay for itself if you have the luxury of picking your moment to sell your house.
However, too many tweaks, additional towers or a two-storey annex could be a step too far as you may find it hard finding a buyer for a home now worth £450,000 if it’s surrounded by others which struggle fetch £200k.
In fact, if you’re determined to extend or reinvent your home, it may be better to spend a little time examining what already exists on your street, and then adding what others already have but you don’t.
Moving The Walls?
A loft extension, for example, can add quite a bit of value to your home if it’s suitable for conversion into an extra bedroom; if not, why not consider reconfiguring your house to give it a feature it’s perhaps missing such as an separate loo or an en suite shower?
Even knocking down a few walls and creating an open-plan living space can add value – although we’d strongly recommend calling in professionals rather than just asking a few mates round to help with the demolition.
But perhaps we should all remember the saying that a week is a long time in politics. The obstacles which are acting as a bit of a log jam at the moment could be removed just as unexpectedly as they arrived and, once again, the property market could change presenting a whole new set of challenges as we all struggle to keep up.
Property can be a bit of a poker game after all; indeed, if it was easy, there would be no need for estate agents on the high street or online.
But if you’d like some more pointers, hints or tips, feel free to browse our blog for earlier posts or just give us a call or drop us a line. We’d be happy to help if we can.