New ‘just chosen’ PM Boris and that potential ‘no deal’ Brexit, now means home extensions remain ‘a better bet’ than moving house?

A new PM – but will this mean a ‘no deal’ Brexit and so higher home prices?

So we have a new Prime Minister then – The Blonde Boris – a championing Brexiteer and a man who’ll very likely end up with a ‘no deal’ Brexit and probably very soon a General Election too – and goodness knows what will happen then!

Here on this blog, we at Mint have been highlighting  and speculating month after month now, that due to the ongoing wobble of house prices in the current Brexit climate, if you need more room at home, it’s a better bet financially to build a new extension for now and leave the more expensive uncertainties of a moving home until later.

experts and organisations

For sure that seems to be a view very much prevailing for a while now  among all kinds of experts and organisations as the Brexit row has rumbled on and on and house prices have suffered as a result. We at Mint have seen good momentum here in Cheltenham and The Cotswolds from our  ‘Extend Instead’ campaign as home-owners have indeed opted to extend or refurbish for more room instead of moving home at this time,

add value

The right extension ‘done right’ means the advantage of added value when the time may be right in the future to sell up and move to a new home.

As we have said on numerous occasions here on this blog, an extension will help to add value to your home as well as creating space, but of course, all extension costs need to be carefully thought through and it’s also  key to weigh up all kinds of general personal type issues for your family, before deciding what really is the best way to go reference an extension or re-refurbishment or moving home. Sometimes this decision might be clear and easy to grasp, in other circumstances, for sure it is less so!

preference

According to Money Supermarket in the recent past, ‘most of us would prefer to have an extension built than move house, a huge 42% of us that is. 24% of Brits would prefer to move house than get an extension for extra space, and the remaining 34% are unsure. 

added space

In the last 10 years apparently, 30% of Brits have gone ahead with an extension instead of moving house, whilst 51% have moved house instead of getting an extension for the added space. Money Supermarket go on to stress that often extending your home is a cost-effective investment that will pay back on itself when you eventually sell – but this of course cannot always be the case 100%!

guarantee

They add – the location and demand of your property will usually guarantee that your extension will add value to your home when it comes to selling. For example, it is often financially feasible to add a basement in a London property due to high demand and property prices, whereas this might not be the best idea in other regions of the UK.

sensible

They indicate that all this being said, extending in some form or another is often a more sensible approach from a financial perspective. They add that building costs for an extension depend vastly on location, size and the type of build you will be planning.

planning rules change

The new planning rule changes is another reason why building an extension instead of packing up and moving home is a good option now with the uncertain house prices due to Brexit and Governmental uncertainty.

As readers will now know the new planning rules agreed recently for the long term future by the Government – alongside the Brexit hiatus causing the uncertainty in house prices – means delaying a move for an extension is perhaps even more the safer bet in the short term right now and possibly for at least the next year or so perhaps!

overall verdict

Money Supermarket have pinpointed that while moving house can take a while to process, so too can extending on your property in various ways. Their overall verdict is that – an extension on your current property is an extremely feasible option that is cost-effective, saving you from going through the house buying and selling process.

investment

They add that home-owners may not always make money back from the extension or refurbishment investment and it can be unsuitable if you are not planning to stay at your property in the fairly foreseeable future. There we go ..for use Much food for thought ….of course!

Refurbishment, improvement and extension of your home. Mint offers a full development and finishing service to add value to your home. We are here to help with any questions or concerns you may have. We have all the expert contacts on hand to help you.

Whatever your need, please request your quotation to improve, refurbish or extend your home . Contact Mint Builders on 01242 279739 or email info@mintbuilders.co.uk