Let's get physical

Homes with fitness features offer a wide range of benefits to homeowners

 Now the festive celebrations are over and the New Year is underway, for many people their attention has moved from hearty dinners and parties to getting fit and healthy. The start of the New Year is a time where new personal goals are set and there is more of a focus on starting to live a healthier lifestyle.

 Although let’s face it, everyone dreads those early morning trips to the gym, so wouldn’t it be great if you were able to work out from the comfort of your own home? From gyms, spas, swimming pools and screening rooms, in the last couple of years such offerings are increasingly being aimed at the pursuit of ‘wellness’.

 Save time and money

 Homes with fitness features offer a wide range of benefits to homeowners. In addition to giving them the convenience of having their own personal gym, they can also save time and money by not having to go out to a separate facility.

 When it comes to home improvements, having a gym, tennis court or pool can be seen as luxury items. However, with the right budget and planning, these can actually save you money in the long run. For example, if you are someone who regularly goes to the gym, having your own fitness equipment in your home could mean significant savings on membership fees.

Model Kate Moss is thought to have spent £850,000 on a home gym and steam room, while singer Madonna's Manhattan townhouse gym reportedly cost £1.5million.

Flexibility and convenience

 By adding these to your home you’ll also have greater control over when and how often they’re used – meaning more flexibility and convenience for yourself and your family. Plus, if you ever decide to move home, they could add to the resale value of your property.

 Ultimately, it’s important to weigh up all factors before making a big purchase like this – including how much use you’ll realistically get out of it and what the long-term financial implications could be. If done right, splashing out on a home gym, tennis court or pool can add value to your property. The key is to be mindful, plan ahead and budget effectively – something which can help you get a lot more financially out of any home improvement plans.

 On many buyers wish lists

 Outdoor pools usually don't require planning permission. However, there are exceptions, and indoor pools always require consent, so check first with your local authority. It is important to consider placement. In the wrong place, a pool can be an eyesore, while a pool that dominates a small garden is generally a mistake. Typically, inground pool prices vary from about £25,000 up to £70,000 or more, depending on your choice.

 Home gyms are increasingly common and are making their way up on many buyers wish lists, even in the mid-range property sector. The equipment for a top-of-the-range gym can easily cost £40,000 or more, but it is possible to buy budget items starting at under £1,000.

 Planning and building control

 Tennis courts do not usually require planning permission if they are in the garden behind a private house. They do, however, if the property is listed, if the court takes up more than 50 per cent of the garden or significant engineering work is required, so check with your local authority planning and building control.

 Courts can take some time to build. The base is dug and laid before the surface can be added, which can stretch over several months. Having a court built typically costs somewhere between £20,000 and £50,000, depending on earthworks, surface and fencing types.

 Materials and equipment

 If you’re considering adding one of these features to your home, research is essential. Make sure you know what the initial outlay will be in terms of cost, as well as ongoing maintenance or repair costs that could come up down the line. It’s also important to consider any potential restrictions from local authorities or homeowners associations that may limit when or how often you can use them.

 Remember, it pays to shop around for the best deals on materials and equipment, so don’t rush into anything without weighing up all of your options. With a little bit of extra research and planning, you may find that splashing out on a home gym, tennis court or pool could end up making financial sense after all

 Need a mortgage that makes the process smooth and straightforward from start to finish?

 Our experienced team can help find a mortgage that makes the process smooth and straightforward from start to finish. To discuss your mortgage options, contact The Surrey Mortgage Broker – telephone 01252 759233– email richard@thesurreymortgagebroker.co.uk

Changing rooms

Interior design trends to expect in 2023

As we look ahead to 2023, a number of alternative interior design trends are emerging. One of the most popular trends that is expected to continue its rise this year is the use of natural materials in interior design schemes.

Wood, stone, marble, metal, rattan and bamboo are all becoming increasingly popular as they add texture and character to a space while also providing functionality and sustainability. Earthy tones such as muted shades of blues, greens, beiges and browns remain on trend too; these colours allow for a calming atmosphere in any room while still remaining stylish

 Another trend that is set to become even more popular is industrial-style decorating. This style combines elements from traditional industrial furnishing with modern materials and decor to create a unique, yet stylish look. With its focus on natural elements such as exposed brickwork, metal accents and industrial lighting, this style can be used to create a modern space with an urban edge.

Let’s take a look at what to expect from 2023

Workplace with flair

The workplace, whether at home or in an office, has been redefined. Yet only now do these spaces see highly individualised designs. The office may include elements that make work more comfortable.

From furniture design to layout to indoor turf, the workspace gets a happy makeover to increase its use and employee productivity. And if you’re working from home, this means setting up the interior to your precise needs.

Focus on wellness

In recent years, wellness has become an increasingly sizzling topic. Self-care is one of the keys to improving wellbeing. But an environment geared to facilitate healthy living can make a huge difference too. In fact, wellness design can set the tone for slowing down and practising mindfulness. In turn, we can function at our best. So, expect to see innovation foster beautifully healthy spaces in months to come.

Outdoor-inspired

As green design grows, interiors are moving away from colours that feel too artificial. Hues are becoming gentler and easier on the eye. As a result, interiors flow seamlessly from and to their outer surroundings. Interior design trends of 2023 and years to come will certainly see many more outdoor-indoor blends.

If you’re feeling adventurous, try incorporating eclectic furniture pieces or vintage-inspired finds for an edgy look. This gives you an opportunity to have fun with design while still remaining true to your overall style.

 Earthy palettes

 For some of us, we found ourselves ‘rewilded’ during the pandemic, discovering a newfound appreciation of nature. This appreciation could, in part, be what has led to the trend of relying heavily on earthy tones in design.

Think of the soothing greens of ocean, the duck-egg blue of summer skies, and the tan and wood of earth and trees. Rattan furniture, terracotta tiles, green velvet, dried grasses and natural wood with a pronounced grain – these are all set to be interior design trends that will impact the homes of many in 2023.

Plants upon plants

It’s safe to say that houseplants have been popular for a while now – since the 19th century, even. Homes filled with potted plants can be found in cities and rural areas alike, but in 2023, things are looking to only grow (quite literally!). We’re beginning to see the rise of the indoor tree – and not just small succulents or flowers. Lemon and olive trees will make statements in living rooms and conservatories.

Following on from those earthy tones, the introduction of more plants makes sense. But plant design will extend beyond the pots, with flowery wallpaper (think William Morris), huge dried flower bouquets and plant-inspired patterns hitting the scene.

Curves

Arcs and rounded shapes have been making their way into interiors for a while now. So we can expect more curvaceous interior design this year. While there’s plenty of room for clean, straight lines (like in the ever-popular Scandinavian design), curves are making a comeback. We’re talking about rounded corners on furniture and curved or flared backs on sofas and chairs.

As for the style of these pieces of furniture, we’re looking at designs that are both familiar and refreshing. Homes will be filled with a mix of 80s’ deco, Victorian elegance and mid-century statement pieces. Say hello to oblong mirrors, architectural details and mushroom lighting. Cabinets, sideboards and nightstands also have a curvier outlook for the future.

 Texture

When it comes to 2023 home decor trends, organic, handmade and local are best. What this means for aesthetics is more unique and inimitable pieces. That means more rough stone, more marble, more exposed rugged brick. It all comes back to nature, in essence!

This year’s interior design is all about the sensory experience of a home, about movement and light. We’ll be getting cosy and luxurious with sherpa, velvets, pleats, fringes and more. While we’re not quite at the point of textured wallpaper and ceilings just yet – at least not in the traditional sense – we will see movement in many of the materials being used, both in building and decorating.

Ready to make your move?

We understand that modern day lives are increasingly complex. Our common sense approach to mortgage advice means that we are able to help guide you through your options. To discuss your mortgage requirements, please contact The Surrey Mortgage Broker – telephone 01252 759233– email richard@thesurreymortgagebroker.co.uk

Stamp Duty Land Tax

Autumn Statement 2022: cuts due to end in 2025

Two of the surviving measures introduced in last years Mini-Budget are set to stay until 31 March 2025. Chancellor of the Exchequer Jeremy Hunt confirmed in his Autumn Statement 2022 that the 0% threshold for Stamp Duty Land Tax (SDLT) will remain at £250,000. Potentially saving residential property purchasers in England and Wales £2,500.

He has also confirmed that the increase in First-Time Buyer Relief thresholds will remain until this time. In the Autumn Statement, delivered on 17 November 2022, Hunt said this decision resulted from the Office for Budget Responsibility's expectation that housing activity would slow over the next two years.

‘After that I will sunset the measure, creating an incentive to support the housing market and the jobs associated with it by boosting transactions during the period the economy most needs it,’ he added.

On 23 September, the former Chancellor, Kwasi Kwarteng, confirmed a SDLT cut in the Mini-Budget, effective from that date. The change doubled the threshold from which SDLT on the purchase of residential properties in England and Northern Ireland is payable from £125,000 to £250,000.

The threshold at which first-time buyers begin to pay SDLT was increased from £300,000 to £425,000, and the maximum value of a property on which First-Time Buyer Relief can be claimed was also increased from £500,000 to £625,000. This equates to a potential saving of up to £6,250.

What is Stamp Duty Land Tax (SDLT)?

 This is a tax levied by the UK government on certain land and property transactions. You must pay SDLT if you buy a property or land over a certain price in England and Northern Ireland. The tax is different if the property or land is in Scotland (pay Land and Buildings Transaction Tax) or in Wales (pay Land Transaction Tax if the sale was completed on or after 1 April 2018).

 It’s important to understand your obligations, as failure to pay SDLT can result in significant financial penalties so obtaining professional advice is beneficial. By understanding SDLT and how it applies, you’ll be able to make an informed decision when making an offer on a new home.

 The amount you pay can depend on the price of the property, the location of the property, whether you’re a first-time buyer or if you’re a UK resident. Buyers should always ensure they budget accordingly when purchasing a new home as it can be easy to overlook these additional costs.

 New SDLT rates in England and Northern Ireland

 The threshold at which SDLT is paid has now doubled from £125,000 to £250,000 with the following rates now applicable:

 £0 – £250,000 (£425,000 for first-time buyers) = 0%

£250,000 – £925,000 = 5%

£925,000 – £1,500,000 = 10%

£1,500,000+ = 12%

 For first-time buyers there is a discounted SDLT rate on properties costing £500,000 to £625,000, which means some first-time buyers won’t have to pay SDLT at all.

 In England and Northern Ireland you will have 14 days to pay SDLT, whereas in Scotland and Wales you will have 30 days to pay from the point of purchase.

Tax rates in Scotland

In Scotland, the system differs slightly from England with Land and Building Transaction Tax (LBTT) being used across the region. This came into force in 2015 as a replacement for SDLT. The current LBTT rates are:

£0 – £145,000 (£175,000 for first-time buyers) = 0%

£145,001 – £250,000 = 2%

£250,001 – £325,000 = 5%

£325,001 – £750,000 = 10%

£750,001+ = 12%

 Tax rates in Wales

Wales also replaced their tax rates in 2018 with Land Transaction Tax. Therefore, the current tax rates are as follows:

£0 – £180,000 = 0%

£180,001 – £250,000 = 3.5%

£250,001 – £400,000 = 5%

£400,001 – £750,000 = 7.5%

£750,001 – £1.5m = 10%

£1.5m + = 12%

Need a mortgage that works for you?

Whether you’re looking for a competitive mortgage rate or advice on what’s right for you, and a process you can follow step-by-step, we can help you find a mortgage that works for your unique needs. To discuss your options, contact The Surrey Mortgage Broker – telephone 01252 759233– email richard@thesurreymortgagebroker.co.uk

Signs It's Time to Make That Next Move

Should I stay, or should I go now? 

As much as you love your home, there may come a time when you start thinking whether or not you should sell. It can be a tough decision to make whether to sell your home or stay put.  

Typically, if you are considering a move it’s often the result of something prompting you, whether it’s due to a career change, family circumstances, money, retirement or simply for a change of scenery. By taking into account a few key factors, it could help make your decision easier.

Anticipate any major changes  

 What is your current financial situation? If you are comfortable with your current mortgage payments and don’t anticipate any major changes in the near future, then selling may not be the best option. On the other hand, if you are struggling to make ends meet each month or are expecting a significant change in income, then selling may be the best way to free up some extra cash. 

 Think about what your budget is and do your homework – you want to end up with a home to suit your needs and that sits within your price range. Think about the additional costs that are involved when you move and make sure you account for all of these factors. 

 Save money in the long run  

 Moving to another location could save you money in the long run. For instance, you could be moving closer to your job, so you will reduce transport costs, or moving closer to family, who may be able to help with childcare. It all depends on your current and predicted future financial situation. 

 Is your home in an area you like? Do you value things such as being near to a town, a good school, family and friends? When thinking about your next move, these are things you should be considering.   

Motivated to move[1]  

Moving home is considered the most stressful thing you can do, according to 57% of people. 

 ‘Needing more space’ was the most frequently cited (by 42% of people) reason for moving. 

 Almost one in two movers (47%) said they experienced increased stress levels due to moving. 

 Money worries are a big deal for buyers – 40% said what they dread most about moving is not having enough money to cover unexpected expenses. 

 More than one in four (27%) of people aged 18-24 said they would not consider moving again – the highest of any age group. 

Motivation to move 

 Think of the things you currently have, or would like, and see whether they are a motivation to move, or are you content with the area you already live in? If there’s an area you’ve always dreamt of living in, hunt for properties in that area and see whether it’s possible for you. 

 Think about your lifestyle and how it would be affected by selling your home? If you love your neighbourhood and have developed strong ties to the community, then staying put may be the best option. However, if you’re feeling restless and are ready for a change of scenery, then selling your home and moving to a new neighbourhood may be the right choice. 

 Outgrown your current home 

 Does your current property give you the space you need? If it does, then appreciate it, use it wisely and think about what you could potentially risk if you do move. However, if you have outgrown your current home, then moving could be the answer.  

 If space is an issue but you really don’t want to move, you could consider other options. You could try getting rid of any unnecessary room accessories or, if appropriate, think about adding a loft conversion or extension. 

 Consider your future plans 

 Finally, consider your future plans and how they would be affected by selling your home. If you’re planning on starting a family or retiring soon, then staying in your current home may make the most sense. However, if you're considering moving to a new city or downsizing once your children have grown up, then selling your home may be the best way to make that happen. 

 Whichever decision you make, be sure to weigh all of your options carefully before making a final decision. Selling your home is a big decision and should not be taken lightly. However, if you take the time to consider all of the factors involved, you can make the best decision for your situation. 

Trying to figure out whether to sell or stay put?  

 Whether you’re moving on or staying put, when it comes to finding competitive rates and a mortgage deal that’s right for you, talk to us about your requirements – please contact The Surrey Mortgage Broker– telephone 01252 759233 – email richard@thesurreymortgagebroker.co.uk

Source date:  

[1] https://www.legalandgeneral.com/insurance/life-insurance/moving-house-stress-signs/#:~:text=We%20discovered%3A,moving%20%E2%80%93%2042%25%20of%20respondents

Boost Your Home's Value

What home improvements should you consider? 

 If you want to work your way up the property ladder to your dream home, you need to know how to boost the value of where you live now. So what renovations or extensions will add value to your property?  

 There is no one-size-fits-all answer to this question. The amount of value that a particular renovation or extension will add to your property will depend on a number of factors, including the location of your property, the current condition of your property, and the specific nature of the renovation or extension itself.  

 However, there are some general areas to consider to help boost your home’s value. 

 1. Focus on improving key future selling points 

 When carrying out renovations or extensions, it is important to focus on those areas of your property that are most likely to appeal to future prospective buyers. For example, if your property is located in an area with good schools, then investing in a home office or extra bedroom could make it more attractive to families with children. Similarly, if your property is located in a popular tourist destination, then adding features that would appeal to holidaymakers, such as a swimming pool or a self-contained annexe, could help to increase its value. 

 2. Don’t over-improve for the neighbourhood 

 Avoid carrying out renovations or extensions that would result in your property becoming significantly more valuable than those of your neighbours. This is because potential buyers are likely to be put off by the idea of living in a property that is much more expensive than those around it, and this could lead to your property taking longer to sell, or selling for less than you had hoped. 

 3. Get expert professional advice 

 When planning any major renovations or extensions, it is always a good idea to seek professional advice from an experienced architect or surveyor. They will be able to advise you on the best way to maximise the value of your property, taking into account its specific location and condition. 

 4. Use high-quality materials 

 Using high-quality materials for your renovation or extension project will not only make your property more attractive to prospective buyers, but it will also add to its long-term value. This is because properties built with inferior materials are more likely to experience problems such as dampness and structural defects, which can reduce their value and make them difficult to sell. 

 5. Add extra living space 

 Adding extra living space to your property is a proven way to add value, as it gives prospective buyers more options in terms of how they could use the property. For example, an extra bedroom could be used as a nursery, guest room or home office, while an extension to the kitchen or living room could create additional dining or relaxing space. 

 6. Improve energy efficiency 

 Making your property more energy efficient is another great way to add value, as it will make it more attractive to environmentally-conscious buyers and could help to reduce running costs. There are a number of ways to improve the energy efficiency of your property, including installing double-glazed windows, insulating walls and ceilings, and fitting low-energy lighting. 

 7. Create more outdoor space 

 If your property doesn’t have much outdoor space, then creating additional garden or patio area can be an effective way to add value. This is because buyers are often attracted to properties that offer the potential for outdoor living, and extra outside space can also be used to create additional parking or storage space. 

 8. Make cosmetic improvements 

 Making cosmetic improvements to your property, such as redecorating, refitting the kitchen or bathroom, or landscaping the garden, can also help to add value and make your property more attractive to prospective buyers and easier to sell. 

 9. Obtain planning permission before starting work 

 If you are planning to carry out any major renovations or extensions, you’ll need to obtain planning permission from your local authority before starting work. 

 10. Hire a professional contractor 

 When carrying out any major renovations or extensions, it is always best to hire a professional contractor to carry out the work. This is because they will have the experience and expertise necessary to ensure that the work is carried out to a high standard and that your property is not damaged during the process. 

Ready to apply for a remortgage? 

People generally remortgage when their current mortgage deal ends to save money, but you may want to remortgage to fund improving your home, which could add thousands to its value. To find out more about your options – speak to The Surrey Mortgage Broker – telephone 01252 759233 – email richard@thesurreymortgagebroker.co.uk