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cashinmattress

Homeowners Opting To Improve Rather Than Move

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Ok, just about everyone outside of London knows the jig is up. Property will at best hold it's value, no matter what 'improvements' you dump into it.

To me, this is more like the majority of home-owners have bought into the MDF and poly-whatsitsname-amide constructed house turnover that fuelled the boom, and are experiencing the downside of living in a house that was engineered to last about 5 years before needing major renovations.

Besides, who's going to punt on an 'improvement' that costs X amount if the return 'might' be X+ a few percentage points.

The jig really is up.

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Ok, just about everyone outside of London knows the jig is up. Property will at best hold it's value, no matter what 'improvements' you dump into it.

To me, this is more like the majority of home-owners have bought into the MDF and poly-whatsitsname-amide constructed house turnover that fuelled the boom, and are experiencing the downside of living in a house that was engineered to last about 5 years before needing major renovations.

Besides, who's going to punt on an 'improvement' that costs X amount if the return 'might' be X+ a few percentage points.

The jig really is up.

I would add that to me a £30,000 loft conversion adds.... £30,000 to the value of the house, at best. Similarly, a £50,000 kitchen extension adds at best £50,000. I would go as far as saying that I would rather extend myself, thank you very much, according to my tastes and reason, as I am sure that £50,000 kitchen extension could sot a lot less without being less durable. Now is not the time to poor even more money into your house...

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Ok, just about everyone outside of London knows the jig is up. Property will at best hold it's value, no matter what 'improvements' you dump into it.

To me, this is more like the majority of home-owners have bought into the MDF and poly-whatsitsname-amide constructed house turnover that fuelled the boom, and are experiencing the downside of living in a house that was engineered to last about 5 years before needing major renovations.

Besides, who's going to punt on an 'improvement' that costs X amount if the return 'might' be X+ a few percentage points.

The jig really is up.

This might work in an overcrowded City situation but are the 'owners' (getting themselves into more debt building extensions) going to sell overpriced property to each other?

Millions of young professionals cannot afford to buy them or get a deposit together due to falling wages, massive inflation on basic living costs and (rising interest on) student debts deducted from wages for decades

.

It can only get far worse in coming years - as interest rates go up and their student debts become the main burden.

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Hmmm, I can't sell as no one can find a bank stupid enough to lend them the overinflated asking price. I know what I'll do, spunk even more borrowed cash on it and charge more.

What could possibly go wrong?

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Is that why so many DIY stores are going bust?

18 months ago the suburban road I take to get on the motorway in the morning was like a lab rat maze. Had to weave all over the place to get past builders' vans.

None of that this year.

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When buying with limited funds, what would you sensibly prefer to do.....buy a house that requires improvements in the good location, or buy the walk in nothing to do improved to someone else's taste in a not so good location.....buying the home that you can add value to in your own time and when finances permit is the winner every time........70% off everything in focus, tins of emulsion £2.49. ;)

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I would add that to me a £30,000 loft conversion adds.... £30,000 to the value of the house, at best. Similarly, a £50,000 kitchen extension adds at best £50,000. I would go as far as saying that I would rather extend myself, thank you very much, according to my tastes and reason, as I am sure that £50,000 kitchen extension could sot a lot less without being less durable. Now is not the time to poor even more money into your house...

any 'improvement' value is subjective.

a 100k house has a 10k new kitchen.

new value is 100k + 10k (new kitchen) - 5k (old kitchen removed) +/- subjective value = ?

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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