Home-owners Improve Instead of Move
Published: 20th October 2008 | Author: James Landes
It may sound like a new breakfast cereal but the term ‘credit crunch’ is striking fear into people throughout the world. With the current reduction in the availability of loans, home-owners have found themselves at the edge of the impending financial abyss. Yet with the housing market stalling and lenders withdrawing mortgage deals, people are turning to home improvements to safeguard their investment.
It is little surprise that with deposits for a mortgage rising well above 20% and the interest rate showing no sign of abating, many are against the idea of moving house. Indeed, according to financial analyst firm Moneyfacts, up to 90 mortgage products a day are currently being withdrawn.
Invest in the
property you have
“If moving house is not on the agenda, the obvious next step is to invest the money back into the house through home-improvements,” explains Tom Klein, director of Builder Superstore. As a result of the credit crunch, prudence has been the watchword in all households and value for money has never been more important.
It is for this reason that so many are turning to cosmetic improvements in the home. Research by Lloyds TSB showed that 59% of homeowners who said they had been considering moving have put their plans on hold due to the current market conditions, with half of these people saying they had decided to do work on their property instead.
Regardless of the aesthetic enhancements that are made, many
are looking to enhance the market value of the property when they do finally
come to sell. At the heart of this are the improvements that come with choosing
new garden and patio paving .
Inject value with the
right improvements
While people are unsurprisingly reticent to spend big money on extensions and decorating, there are still many worthwhile and value-adding improvements which will make properties more attractive to the buyer and generate the market value of the property. That is why it is so important to spend your money wisely. As Halifax's Russell Galley said: "In the current market, homeowners can inject value into their homes by undertaking the right home improvements. Carrying out work on your home can be rewarding but costly to correct if not executed properly”.
New bathrooms add
£10,000
Builder Superstore offers a wide range of materials, all at the forefront of today’s interior designer trends. In bathroom floor coverings , in particular kitchens and bathrooms, the use of tiles instead of linoleum or carpet has been seen to increase the resale value to a home. A third of respondents to the Halifax survey think improvements of this kind would add up to £2,500, while a similar percentage believe a new bathroom would add more than £10,000.
Tom Klein adds: “We at Builder Superstore are extremely mindful of the financial struggle that so many are facing as a result of the credit crunch. That is why we have made a conscious effort to provide quality materials at affordable prices for those who are unable to afford the cost of moving house”.
So if you’re feeling the bite of the credit crunch, you don’t have to let it get in the way of your dream home. Take advantage of the significant savings and Trade Accounts offered on this website and spend your money wisely.
