21/03/2019 by AdRankOne 0 Comments
Brits Spending More On Home Improvements
A recent study has revealed that although we’re spending more, fewer households are choosing to undertake large-scale home improvement projects.
UK homeowners are spending more on home improvement projects than they did in 2017, new research shows.
However, the study by Post Office Money revealed that although we’re spending more, fewer households are choosing to undertake large-scale home improvement projects.
Mortgage Introducer reported on the findings, revealing that the average amount spent per home increased by 16 per cent in 2018 to reach £14,015. At the same time, the number of households carrying out home renovations fell by 10 per cent compared to 2017.
For many people, the main motivation for carrying out home renovations is to make their property look better. 59 per cent of those questioned said that this was why they’d decided to undertake a particular project.
A further 28 per cent said that they carried out renovations because they thought it would be a good investment and could add value to their home when they decided to move. Just five per cent of those questioned said that they’d got stuck into home improvements specifically to help them sell their abode.
Chrysanthy Pispinis, director of Post Office Money, told the news provider that house prices are one of the factors pushing homeowners to spend on renovations.
“Over the past few years, house price growth has slowed, so homeowners have turned to other options to add value to their homes - with renovations being a clear opportunity,” she stated.
What kinds of improvements you decide to make will depend on which room in your home you’re tackling and what kind of ambience you’re looking for when it’s finished. While new kitchens and bathrooms are always popular, you could consider fitting fireplaces in Cannock to give your living space a lift.
In the winter, they can make a room feel incredibly cosy, while they also provide a great focal point for a living room all year round.
The Post Office Money research noted that improvements like new kitchens, fitting a walk-in wardrobe to a master bedroom and building an extension are some of the best options in terms of adding value.
After analysing the average value of a three-bedroom semi-detached house, the organisation found that homes that had carried out one of these projects typically went on the market for 10 per cent more than other homes that hadn’t been renovated.
First and foremost, however, it should be about making your home a place you’re happy in. Ms Pispinis commented: “Renovations allow homeowners to create homes that reflect their needs and tastes, with the potential added benefit of adding value in the long term.”
If you do decide to carry out any home improvements, it’s important that you budget carefully for the work. Last month, Property Wire shared the results of a survey by Rated People, which found that 65 per cent of homeowners overspent on a renovation project. What’s more 68 per cent of those questioned said that they hadn’t set a budget in the first place.
On average, homeowners overspent on their DIY projects by £307, with 31 per cent even admitting they’d had to put a home improvement project on hold because costs had spiralled.