Now is the right time to develop and add value to your property, and this is dictated by current market conditions.
Estate agents have noted the lack of quality residential or commercial property coming onto the market.
Home owners are reluctant to risk moving post credit crunch, due to job insecurity and more importantly, the scarcity of mortgages.
Lenders have lowered the age from 80, to as low as 65 in some cases, that borrowers can hold a mortgage. At the same time reducing the amount that can be borrowed against income multiples. Government changes to reduce stamp duty have had little effect on the housing market.
However house prices are rising, at 8.5% in 2014. Many have decided to develop the property they currently own:
- Investment in tired or outdated property can add value to it and increase the current standard of living. A Chilltime Developments customer recently spent £40k developing their house and added £80k to its value.
- Once developed it is easier to remortgage and free up cash for a new car or a holiday. If the property was going on the market it could sell quicker, fetch more money and push the seller further up the property ladder.
- An enhanced and expanded workspace could attract new customers. One Chilltime Developments customer has extended the size of a children’s nursery. Increasing their capacity to take new children and therefore revenue potential.
We know that quality tradespeople are at a premium, that’s why you need to work with a trusted brand like Chilltime Developments.
If you are considering enhancing your home or workspace and live in the Hampshire or West Sussex area you can get our expert help via our contact us form.