Stamp Duty Relief – Home Improvements
What Is Stamp Duty?
Stamp duty is a tax paid by those buying properties, and with the recent government changes, buyers will not have to pay any stamp duty fees on properties up to £500,000 until March 2021.
Previously, stamp duty was only tax free up to the value of £125,000 on a property, or £300,000 for first time buyers, and in either case this stamp duty holiday could save a lot of people a lot of money, up to £5,000 on homes up to £300,000.
Why Has The Stamp Duty Tax Been Waived?
Due to the COVID-19 crisis and a flagging property market, the government has temporarily increased the stamp duty thresholds to help struggling buyers.
With the pandemic leaving a large majority of people unemployed or only earning 80% of their wages, this tax relief is set to help those struggling to afford property and boost the economy.
How Can I Use This To My Advantage?
For those who were already in the process of buying and have now found themselves with some spare cash saved up, it could be the perfect time to invest. You might be in the process of buying and have the stamp duty cash saved up which you can now use to complete some long term home improvements to both make your property more structurally sound and add value to the property.
Alternatively, you may wish to take this time to invest in a slightly pricier but more dilapidated property and use the budgeted stamp duty money to totally renovate the home and yield a higher return price for selling on in the future.
Whatever your choice, some of the best home improvement investments you can make are as follows:
• Fascia, Soffits and Cover Boards – not only do these exterior improvements make your home look more aesthetically pleasing, they can have a direct effect on the structural capabilities of a building and how your home uses energy. Find out more about how fascia can transform a home.
• External Cladding – it doesn’t only look great, but it’s also the first barrier your home has against the elements. Adding this to your home can help with insulation, prevent leakage and make your home look like it’s had more work done than it really has! Our Weatherboard,Shiplap & V-Joint Cladding ranges are made from PVC and are resistant to rotting or damage. They’re also fire resistant and will help insulate your home in the winter. External cladding is a great investment for your home, and you can find out more about why here.
• Internal Cladding – internal cladding is a maintenance free way to transform your home. It’s a cost effective way to mimic the look of alternative finishes such as tiles, but is much longer lasting and doesn’t require any special tools to install. It can be used in almost any room in your house. Compared to tiling, PVC cladding is cheaper and doesn’t necessarily require the additional price you would have to pay for labour. Find out more about internal cladding.
• Guttering – rainwater is an issue that can gravely damage a home if not properly diverted using gutters. A good guttering system can prevent flooding and water damage, and it makes your home appear well looked after. We stock gutters in a range of profiles, sizes and finishes. Industrial or deepflow gutters are heavy duty and great for holding a large amount of rainfall, if this is what you need for your home. While we stock PVC, if you are after a metal gutter specifically, make sure to take a look at our steel or cast iron ranges. If you’re planning on making lots of different home improvements and are looking for a cost-effective alternative then consider our cast iron effect guttering which will give you the same appearance as traditional Cast Iron but is lightweight and easy to install.
There’s no limit to the improvements you could make to your home with the money you no longer have to spend on stamp duty, but these are just some suggestions to start. For more ideas and inspiration, as well as how to’s if you’re DIYing, take a look at our guides and tips pages.