The property market has been unstable to say the least in the last year or two, thanks to soaring mortgage rates, but the solution to the problem could be right under our noses – container conversions.
While first-time buyers (FTBs) have undoubtedly been hit by the housing market crisis, as they are struggling to get accepted by mortgage providers, they are not the only group of homebuyers who have had a tough year.
Homemovers have also been unable to get their dream property, as not only are they unable to afford the higher mortgage rates, but they risk falling into negative equity due to declining house prices.
According to the latest Halifax House Price Index, properties have dropped in value by one per cent over the last year, which is the equivalent of around £3,000 for the average real estate.
Although this does not seem like a lot, and overall, house prices are still significantly higher than they were before the pandemic – in some cases, as much as £40,000 – homeowners who only bought their current abode a year ago would have lost money on their purchase.
What’s more, homemovers typically want bigger homes, which tend to be more costly. Therefore, they might not be able to stretch their finances to get the extra bedroom, office or gym they really want from their next house.
The good news is they do not have to wait for the property market to pick up, as experts cannot agree whether this will happen in 2024.
Instead of having to save more for their next property, as well as paying for stamp duty fees, solicitor costs, moving expenses, and a larger monthly mortgage, they can extend their house by converting a shipping container.
There are many ways a converted unit can add space to a property. They can be transformed into a home office, for instance, which is great for those who want to continue working flexibly.
Alternatively, they could be turned into a guest bedroom, so grandparents or children who have left home have somewhere they can stay when they visit. This not only gives them a place to sleep, but provides them with privacy, as it is detached from the house and can be fitted with its own bathroom and even a kitchenette.
A converted shipping container can even be used as a home gym, which is ideal for those whose New Year’s resolution for 2024 is to get fitter. And they won’t be alone with their ambitious goals, as nearly half of those making resolutions before December 31st will be trying to improve their fitness levels next year.
One of the main requirements for homeowners when moving to their next property is a garage. After having put up with a small shed, they might want to have a larger space to store their tools, garden equipment, and suitcases.
In this case, containers make the ideal storage solution, as they are weatherproof, providing protection for the expensive appliances.
So, even if 2024 isn’t the year you are able to move into your dream property, it doesn’t mean you can’t enjoy the benefits of a larger home.