Every week, we provide free consultations to hundreds of homeowners across the UK. And in recent months, we’ve noticed one question is coming up more and more: what about Brexit?
It’s no surprise that many British homeowners are deeply concerned about the impact Brexit will have on the value of their home, plus their prospect of moving in the next few years.
While we can’t predict the future, nor the overall outcome of Brexit (who does, at this point?), we can provide you advice on the one thing we do know - home value.
Here’s some food for thought when considering moving, improving, and Brexit…
Improve, don’t move
As of March 2019, UK house prices have been stagnating, with growth slowing in many areas, and even dropping slightly in others - such as in the South East, including London.
However, this is not the case for every area in the UK. For instance, Leeds is being tipped for a big spike in house prices, as many flock North for a decent property deal. Though, even this rise in Northern house prices isn’t going to be safe, should Britain leave the EU without a deal.
In the event of a no deal, many experts predict UK house prices could dive by 3% - if not more.
So what to do?
When moving feels like too much of a risk, the best thing you can do is improve the asset you already own.
Be it extending, converting, or a simple renovation, giving your home a new lease of life has a number of benefits. Not only does it give you a measure of control in the value of your house, in a time when not much control is available, it also extends the life of your property. The longer you can continue to live in your home, the longer you can wait for the market to improve, in order to sell.
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How to increase the value of your home
If you really want to unlock the hidden potential of your home, the best thing you can do is get an expert to evaluate both your property and the area you live in. That’s because each home is unique, but also, some are unfortunately subject to strict planning laws, and even ceiling prices - in certain areas prices are capped, no matter the work you do.
If you are looking to for home improvement ideas, here's some value adding suggestions to suit budgets big and small:
- Convert your loft.
- Tackle those easy, refurbishment wins.
- Add a bathroom.
- Upgrade your bedroom.
- Add the right conservatory.
One of the most sure fire ways to increase home value, is by adding a new bedroom.
According to Zoopla, a new bedroom can add up to 21% value to your home. For your average UK household, that’s nearly £55,000!
However, while bedrooms are a powerful way of adding value, they’re not foolproof. The amount of value added to your home can be affected by…
How many bedrooms you already have
Homes that benefit most from an extra bed are two-bedroom properties. That’s because three beds have the biggest market for buyers. On the flip side, converting your home into a four bedroom is likely to see a worse performance. People are having fewer children, meaning you’ll find fewer people needing that extra bedroom.
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How big the rest of your home is
Theoretically, the more bedrooms on offer, the more people will be living in that property. And the more people you have under the roof, the more space you’ll need to accommodate them. You’re unlikely to attract buyers for a four bedroom house if the kitchen is small, there’s only one bathroom, and you’re lacking a garden.
Where you build your new room
It goes without saying that Brits like things to be a certain way. Meaning, we like our bedrooms upstairs. Because of this, loft conversions tend to add more value than something like a garage conversion, or rear extension, if used to create a new bedroom. Bedrooms upstairs can add up to 20% onto your home, while groundfloor editions only 11%.
If you do choose to go ahead with improving your home, there are some predictable side effects of Brexit that are either already occurring, and may get worse, depending on the outcome.
Booking a good contractor
Many contractors are reliant on European labour, and migration into the UK has gone down, since the referendum. Because of this shortage in workers, many contractors are taking on fewer projects, so if you have your eye on a good one, you’ll want to book in a construction time sooner, rather than later.
As the value of the pound has fallen, so the price of inflation on imported materials has risen. This will mean, if the pound fails to make a remarkable recovery, that you’ll need to set aside a little more money for your suppliers - or look at cost cutting alternatives! Perhaps shop local, or even up-cycle materials, such as timber or old brick stock.
How Resi can help
There are a number of ways Resi can help protect your home investment, with services to suit every budget. Such as…
Maximise your home value
Our planning packages are ideal for anyone looking to transform their home, and get the best return on their investment during the process.
Our team will not only assess your home, they’ll also look into your local planning policies. We can then suggest extension / conversions that will bring in the most value, while also avoiding refusal from your local authority. Our designers draw up your project, package it together, and then our in-house planning officers will manage the planning application process on your behalf.
All this, and prices start from as little as £720.
Getting the best professionals
Whether extending or converting, you’ll need several professionals to make your project a reality.
- Structural engineers
- Party wall surveyors
- CCTV drainage experts
These are just some of the professionals you’ll need on top of your architect. And with Brexit making some of this industries in short supply, you’ll want to make sure you’re getting the best team on your side, rather than settling for what you can.
With all our packages, we include a free Connect service, where we introduce you to the best professionals in your area. All our recommended third parties come vetted by our team, and are all properly insured, so your home stays protected throughout.
If you’d like to learn more about how Resi can help your home during Brexit, book a free consultation with our team.