Tuesday 28 October 2014

Home improvements on low interest rates

Image courtesy of samuiblue/

Anyone looking to borrow money has just received some welcome news. The Office of National Statistics has announced a fall in the rate of inflation to a 5 year low of 1.2%. The Government target, the ceiling it was aiming for, was 2% so the figures are much better. Those that were hesitant about borrowing for home improvements can now be confident that the Bank of England will not raise interest rates in the next few months. It was widely predicted before this announcement that rates would go up around February. This is likely to be delayed now until at least August.

Low Inflation 

Experts believe that inflation will remain low for a number of reasons. Oil prices are falling and competition within the main supermarkets is as fierce as it has ever been. The consensus seems to be that inflation at this level will remain well into next year and only touch 2% by the end of 2015.

Energy Costs

While the recession has gone, people have inevitably been cautious. With job security fairly good it is the time to think about property as an asset and improving it where necessary. Wage rises have remained stubbornly low but homeowners need to balance that with the money they may be wasting. With winter approaching, another round of energy price increases may not happen this year because of the oil price. However, energy is still a significant household expense. If a house is draughty with ill-fitting windows then home owners are effectively throwing money out of those windows. If the seal between window and frame is not tight, then heat will escape.

UPVC Double Glazed

If you decide that you can afford to make improvements then you need to find a good supplier. UPVC comes in many colours. If you will be taking out wooden windows that you have merely varnished to retain the wood effect you can replace them with a double glazed UPVC equivalent. If you talk to a supplier that has established a reputation for quality, someone like you will find out exactly what you can get. Good websites are the best marketing tool that companies have these days so you should be able to get plenty of ideas by looking online and then ask your questions when you make contact.

If you do your research and get this kind of work done you should certainly add to the value of your property where you likely saw it drop in value during the recent recession. You should also find that your energy bills will be smaller than in the previous year and probably those of a couple of years before that. It is not a pay rise but it is just as good as one. 
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