Improving your home is one of the best ways to increase the value of your home and make it ready for selling. Alternatively, you may just want to improve your home because this is a place that you want to be proud of. Regardless of why you are considering a home improvement project, you need to time it right if you want to get the most for your money.
With the post-Brexit ramifications about to come into force, a lot of ordinary homeowners are worried about their futures and whether now is the right time to start considering a home improvement project.
So is Brexit time the right time to consider improving your home?
Will Financing Become Easier?
For major home improvement projects, you may not be able to afford to handle it by yourself. The answer is to seek out a home improvement loan. Many homeowners are wondering whether financing is going to become easier because of Brexit.
The chances are nothing will change in the short-term to medium-term. If you were eligible for financing before, you would still be entitled to it now. Financing will not change because of a number of factors, which all offset each other.
Banks are always naturally conservative during time of economic uncertainty. This makes the argument for more conservatism and fewer loans. On the other hand, the Bank of England relaxed capital controls to encourage banks to keep lending.
These have come together to largely keep the status quo together and keep things stable.
House Prices are Going to Rise in the Long-Term
Throughout the country, house price growth has mostly stopped. This is no surprise. As most analysts predicted, people were always going to put off taking out a mortgage until they were sure about the economy. Low interest rates, though, have made it an ideal time to take out a mortgage. Already record-breaking lows for interest rates are expected to get even lower.
House prices are going to rise in the long-term because the rate of house building in the UK is almost nothing. There is no expectation that the construction sector is going to see any improvement in the near future. High demand mixed with low supply is serving to drive house prices up all across the country.
It does make sense to improve your home now because that is only going to drive up your value even further. If you decide to sell, now has never been a better time to do it.
Mortgage Rates are Low
Lower mortgage rates, due to low interest rates, are going to drive up buying, particularly if you happen to be in a property hotspot. Those in London, in particular, are going to benefit from improving their homes. Take out a home improvement loan and you will be able to gain a lot from declining interest rates.
Furthermore, low interests are also beneficial for your home improvement loan. You are going to have to pay less back in the long-term. Bigger projects will reap the greatest rewards. Now is the time to think about taking out that loan.
What Does the Future Hold?
There is no reason to move quickly. Interest rates have no hope of rising anytime soon. By the end of the summer, interest rates are going to be going down even further. Once Britain triggers Article 50 and they formally begin the process of leaving the European Union (EU), interest rates are going to decrease in order to stimulate growth still further.
Whether you opt for a home improvement loan today or later, you have a lot to gain. Think about which projects you are going to take on today.