A home extension for added value?…. or make an uncertain home move?

We at Mint Builders have become more and more aware of late  – as has been particularly true during the recent post Covid affected year or so –  that the strains of pricing activity in terms of house sales are realistically a ‘linked-in’ factor to considering home extension or renovation options.

What seems to be emerging at this time, is that more homeowners are set to consider opting to go for more space and a better environment at their current home right now by undertaking a home extension or renovation…. instead of facing the hassle and uncertainty of moving home.

alternative 

Surely home improvement IS a clear alternative to moving house with all the uncertainty of battling with further rising prices out there in what seems to be is a hugely competitive, ‘gazumping-affected’ housing marketplace.

pricing ‘bubble

News from those well-informed experts at the Home & Renovating magazine is, that, though prices have certainly been on the up and up this year, the experts now disagree as to whether the housing price-rising ‘bubble’ will eventually burst quite soon.

House prices rose 10% in the year to May, according to the Office for National Statistics (ONS), BUT now experts disagree on whether or not prices will normalise to an extent throughout the rest of the year. It is THE key question. Will those prices steady or go on moving up and up?  

reviewing 

We think there will be pause… and thus more uncertainty. This will mean more people will again be reviewing their situation and considering what they can do in terms of extending their current home and staying put for now and wait again for an easing and steadying of prices to emerge in perhaps a year or so – by which we could be battling the uncertain challenge of another Covid Winter.

house price index

Homebuilding Magazine reports the average house now costs £254,624 according to ONS data. It also notes that the Halifax’s house price index very recently revealed a 0.5% drop in house prices for June. But, the lender also warned that this dip should be put into context, with average prices still higher than in 2020.

record high

These new findings follow an extraordinary period of record-high prices across the UK, of course, but talks are that the recent end of the stamp duty holiday could well be THE key ‘turning point’ – which will drive an expected drop-off in demand and a resulting steadying and reduction of home prices. 

cashed in

Our feeling at Mint is that this fluctuating situation will bring about a ‘mini boost’ in home owner appetite for extension…renovation …refurbishment…and re-equipping.

This will emerge on a realistic balanced scale and level  for some months. It will offer impressive added value to homeowners in their properties for the future. This added value will be ready to be ‘cashed in’ as and when, there is an overall future ‘real’ easing of the home sale market pricing atmosphere and outlook. But the thing is, who CAN guess the potential of the up and coming Covid Winter and Lockdown antics that be ahead of us….not us – that’s for sure!

budgeting presentation 

We, at Mint, know we need to look closely at the every home  added-value factor in our home extension and renovation project budgeting presentations. Also, we need to do so with our eye very much on the feasible extra home market pricing factors, which could emerge perhaps in say a year or so!

second surge

The rule of thumb and research-backed comparison we have reviewed seems to indicate that a second surge of home improvement and renovation project activity could well emerge as house prices go on slowing and easing for a while. Time will tell… we shall see!    

We at Mint Builders are, of course, here to help locally with all kinds of questions and ideas relating to the priority planning and organisation of your future home extension or renovation for the late Autumn and Winter this year… and on into 2022.

Feel free to request our project planning and quotation visit to refurbish or extend your home for more ‘liveability’ and increased future sales value in these still uncertain Covid times. Contact Mint Builders on 07734 211958 or email mintbuilders@hotmail.co.uk