If Itâ€™s Not Time to Move, Invest in Your Home
A new report has indicated that confidence amongst home buyers is starting to decline. With property owners having increasing worries, now might not be the right time to plan a big move. However, there are many ways you can invest in your home to make it better suited to your lifestyle and more sellable when the time is right to move.
Buyer Confidence Down
The latest Halifax Housing Market Confidence report shows that the number of buyers who think 2014 will be a good time to move has dropped substantially. The tracker illustrates the net balance of those who have confidence in the market against those who donâ€™t believe itâ€™s a good time to move. Since the first quarter of 2014, this figure has dropped from 34% to just 5% in the second quarter.
This lack of confidence has been heightened by a rise in house prices and the possibility of interest rates going up in the near future. The net balance is now at its lowest point for three years. 35% of those surveyed were worried about the increase in property prices and 18% about the effect that rate rises would have on their financial stability.
There is not complete doom and gloom right across the country, with some areas showing more resilience and positivity than others. Those buyers with the least amount of confidence are in the South East and London, whereas those in the North East and Scotland have more positivity. This is undoubtedly due to the substantial price rises that have been seen in areas around the capital, with increases in other parts of the country being more moderate.
Confidence amongst buyers might be down, but those who are looking to sell still have an air of positivity. According to the Halifaxâ€™s report, the balance of people who think this is the right time to market their home is up to 25%. With rising prices, many home owners are looking to cash in on the profits theyâ€™ve made.
Improve Rather Than Move
If youâ€™re one of the growing number of people who donâ€™t think itâ€™s the right time to take on a new property, you can start to improve the one you already have. This can be through some simple DIY or you might need some professional help, such as a building contractor or a door canopy company.
Depending on the budget you have available, there are a number of ways you can begin to improve your current home. This can be as easy as decorating one or more of the rooms. Alternatively, you could look to increase the amount of living space by building an extension or converting the loft or garage space into an extra room. Improving the exterior of your property is also beneficial. This can be achieved by instructing a door canopy company to fit a stunning canopy above your entrance.
Whether youâ€™re considering moving soon or in the future, developing elements of your home is a valuable investment. Not only does it improve the appearance of your property, but it could also increase the value.