For many of us, expensive home improvements are one of those ‘one day’ jobs that get shoved to the back of the closet and never spoken about again. After all, major works at home are a lot to deal with, and that’s before we even consider the expense. Whether you’re replacing the windows or getting an entire loft conversion, the chances are that it’ll clear your bank account and some.
But, as you’ve probably realised by now, simply casting home improvements to the side is no way to get the home you want. It’s for this reason that you could benefit from either setting money aside for those high price improvements, or taking the time to review an exchange or other investment option to help you cover the expense. While this will mean some initial outlay, you may well find that finally prioritising the home of your dreams actually saves you a fair amount. And, here’s why.
Imperfection facilitates dissatisfaction
We all hold an idea of our dream house in our minds and, if we don’t achieve that goal, we’ll inevitably want to move house far sooner than we might have otherwise. This is a problem considering that even a budgeted house move can cost almost £9,000, not to mention a brand new mortgage. Together, the expense of dissatisfaction in a poorly finished or imperfect home is therefore almost guaranteed to cost more than you’d pay if you simply addressed home improvements and concerns in the first place.
Ongoing issues can impact house value
The vast majority of home improvement issues also have a direct impact on property value, with escalating problems like damp or deterioration especially knocking a fair amount of any potential asking price. What’s more, studies have repeatedly shown that improvements like cellar/basement conversions can add as much as 30% to the overall value of a property. This means that inaction can drastically prevent home value increases, even keeping them below a par with inflation in some cases. Quite quickly, that could see you paying more not to improve than you would by just accepting the need for work in the first place.
Costs always increase over time
Few home improvements sit at one price throughout your deliberations. This is most obvious in cases of worsening problems like damp, where inaction means that you’ll require far more serious work when you finally do get around to this. Even generally, a failure to convert your attic or similar could ultimately see you paying way above what you’ve been quoted right now off the back of everything from inflation through to rising costs of materials and labour. If you’re in a position to afford or save towards work right now, then, you could drastically cut costs compared to what you’ll ultimately pay otherwise.
Home improvements are undeniably expensive – doing nothing costs even more. With that in mind, homeowners looking to enjoy their properties from both a personal and returns standpoint could benefit from biting the bullet and completing work sooner rather than later wherever possible.
(this is a collaborative blog)