Should I still have building work done now we've left the EU

k_f0x

Hi All,

My husband and I were planning to have some kitchen work completed this summer. The estimated total cost is about £50k with £40k being paid to the builder for the extension work.
We were excited about the work starting next month but since the result of the EU referendum was announced last week we are feeling uncertain as to whether to have the work done at all. Our concern is that house prices are said to go down so we are apprehensive on spending £50k on work which may not add £50k to the house value.

We've spent some money in planning permission and an architect but have not committed to the builder formally yet.

Any advice will be greatly appreciated.

Thanks

G_M

Over the coming months, as the implications become to clear to everyone, and the consequences start to emerge, imports will reduce. Food shortages will arise and society will gradually break down. Race and/or food riots will break out, and property ownership become meaningless as the police lose control and squatters take over those homes owned by people without their own means of defence.

You would do etter to invest your money in an arms purchase

Miss_Samantha

What G_M predicts is actually the best case scenario. It could go much worse than that.

We could have BoJo for PM.

phatbear

G_M wrote: »

You would do etter to invest your money in an arms purchase

My only issue with this advice is i think i would look odd with extra arms and i dont think the rod hull look would suit me

parkrunner

If you are thinking about spending £50,000 on the property I'm guessing it's a home rather than an investment. If so just go ahead and do it.

Gers

G_M wrote: »

Over the coming months, as the implications become to clear to everyone, and the consequences start to emerge, imports will reduce. Food shortages will arise and society will gradually break down. Race and/or food riots will break out, and property ownership become meaningless as the police lose control and squatters take over those homes owned by people without their own means of defence.

You would do etter to invest your money in an arms purchase

I think we're following a parallel universe where the scenario first shown in a Dr Who episode - Turn Left - comes to the UK. One decision means that the whole world changes direction, the sun fails to shine, the stars leave the sky, bad guys take over and misery abounds. Reality meets fiction? :rotfl:

HappyMJ

k_f0x wrote: »

Hi All,

My husband and I were planning to have some kitchen work completed this summer. The estimated total cost is about £50k with £40k being paid to the builder for the extension work.
We were excited about the work starting next month but since the result of the EU referendum was announced last week we are feeling uncertain as to whether to have the work done at all. Our concern is that house prices are said to go down so we are apprehensive on spending £50k on work which may not add £50k to the house value.

We've spent some money in planning permission and an architect but have not committed to the builder formally yet.

Any advice will be greatly appreciated.

Thanks

I hope you're getting more than a kitchen with the extension. I could build a whole (albeit small) house from the ground up for £50,000 with a fully fitted kitchen.

How long does the planning permission last for? You could choose to start the work at a later date.

MerrilyA

Hello,

house prices are said to go down

There's still a demand for property in the UK which is impacted by a number of things, family overcrowding, migration, family separations, people choosing to live alone, an aging population, contract workers etc.

The only time you'd lose money with your home is if you sell when you're in negative equity. If it's really a concern then have a contingency plan and start implementing it now. If you have access to finance through other means and your house was in negative equity and you were forced to sell then it wouldn't really affect you.

It's about being proactive in ensuring you're in the best position possible in all economic conditions so you're not reactive.

If the work in the kitchen is going to benefit you and your family and you can afford it then go ahead, I assume you weren't just deciding to do it for the sake of adding extra value to your home for a sale, unless you're planning to sell your home soon. If you are selling then talk to some agents and get an idea if it's advisable, if it's for your comfort then go ahead.

teddysmum

We haven't actually left.

TBagpuss

k_f0x wrote: »

Hi All,

My husband and I were planning to have some kitchen work completed this summer. The estimated total cost is about £50k with £40k being paid to the builder for the extension work.
We were excited about the work starting next month but since the result of the EU referendum was announced last week we are feeling uncertain as to whether to have the work done at all. Our concern is that house prices are said to go down so we are apprehensive on spending £50k on work which may not add £50k to the house value.

We've spent some money in planning permission and an architect but have not committed to the builder formally yet.

Any advice will be greatly appreciated.

Thanks

Were you expecting it to add £50K to the value previously?

I think the question to be asking yourselves are whether you are doing this because it will make your home nicer for you to live in, or whether you are aiming to get a return on an investment.

If you want a return on an investment, then brexit or not, there are probably better investments.

If it will make your home a better place for you, and you can afford it, then go ahead.

[Deleted User]

The sun is still shining (in some places), money still works (here at least), people are still eating (and buying food).., businesses who can't get used to the fact that the world isn't actually ending as predicted are now trying to act rationally and decide if wasting millions of pounds abandoning Britain and starting swimming is actually worthwhile.

There also hasn't been a zombie apolocypse (today), an alien invasion, a world flooding tsunami and I assume there are at least 10 people who haven't been run over crossing the road today (we're posting on here) - all of which also have some probability of happening.

No one knows what will happen in the next two years..,but then we didn't six months ago either. Carry on and do what you want to do.