The housing market is facing a significant crisis that is likely to be played out over the next few years. While the previous global meltdown that we experienced was the worst of its kind since the great depression, all the factors are there to indicate that we will be moving headlong into the same type of problems that engulfed us before.
So how does that impact the average homeowner that wants to secure a property for their children? Will your children ever leave home? And how can you afford to move into a larger property?
The main problem with moving to a larger property is that while you can revel in the fact that the value of your home has increased since you purchased it, the reality is, so has the property that you most likely will move into.
So moving means taking on more debt and your costs will increase as global economic factors change. Meaning that the cost of your loan will increase over time and when interest rates are really low you can expect that to be balanced by job uncertainty.
How does the average homeowner that wants a more space and a stress free life achieve that balance in an uncertain world?
There are two options that we have identified that can really help to improve the quality of your life:
Option 1 : Move to a larger but cheaper property
This is a viable option when you consider that in the UK we have a great north south divide with regards to house prices, wages and the overall economy.
Living outside of the city in most countries means that property prices are cheaper. If you are able, nearing retirement or flexible about work, then sell up and move to further outside the city, or to a cheaper city altogether.
The difference can be astronomical. Swapping a 3 bedroom terraced house in the outskirts of say London can net you a 4 bedroom detached house in the outskirts of Swindon. Still maintaining great commuter links to London if you need them.
Option 2: Increase the size of your home
This is an option that many homeowner are already employing. Loft conversions, basement excavations and extensions being built daily, all being valid options that you can use to increase the space in your home. They can provide that extra room for your growing children.
One of the cheapest options though, is to build your own self build conservatory. The conservatory is already a much used add on to many homes, as it provides great space for socialising and all year round light and heat.
For prices starting around £2000, you can save yourself a really penny if f you are prepared to put some of your own time into the build.
With a solid roof on your conservatory, it will be more like an equivalent extension that would have cost around £30,000, but you will easily save over £20,000 in the process when you opt for a build yourself kit based conservatory.
So for those of you that want a better quality of life and are concerned about what the future holds, at least now you have a couple of options about what to do next.
