18/06/2019 0 Comments
What Home Improvements Would You Make If Money Was No Object?
A recent survey asked those over 55 what they would do if money was no object to home improvements. Here's what they said...
If you didn’t have to worry about paying for home improvements, what would you change about your current abode? Would you go shopping for wood burners in Stafford? Or would you be looking at how you can extend your property?
A survey by SunLife recently asked those over 55 what they would do if money was no object to home improvements.
Reporting on the findings, Property Reporter noted that having an indoor swimming pool was at the top of the wishlist for many. This was closely followed by making changes to their home to make it more eco-friendly.
Also on the list of dream home improvements were installing a sauna or jacuzzi, creating an outdoor dining area and creating a home cinema room.
However, the differences between the answers given by men and women were interesting. For men, creating an eco home was at the top of the list, while installing high-tech home security, having a home cinema and having a home bar were also in the top ten.
For women, an indoor pool came out on top, while creating an outdoor play area for their grandchildren and having a balcony were in the top ten.
Speaking to the news provider, Simon Stanney, equity release director at SunLife, said that some of the improvements mentioned by those over 55 could be within easier reach than they think.
“Our research has revealed that on average, people over 55 have seen their homes increase in value by around £135k, but 62 per cent don’t want to move so unlocking some of this value via equity release could offer a solution,” he asserted.
Mr Stanney added that the money you receive is tax free and you can do what you want with it, whether that’s giving a gift to family members or making some lavish home improvements.
It isn’t only those over 55 who could benefit from making some home improvements. Property Reporter also highlighted research from Sellhousefast, which calculated how much certain renovations could add to the value of the average UK home.
Doing things like building a kitchen extension or having a loft conversion could boost the value of a house by over £23,000, they revealed.
Updating the existing kitchen could add over £12,000 to a property’s price tag, while revamping the bathroom could add £5,882.10. Adding a new bathroom, on the other hand, could add over £12,000 to a property’s value.
Basement conversions and building a conservatory were among the other lucrative home improvements it could be worth considering.
The organisation also found that repainting every room in your house could add an impressive £7,013.25 to its value, which is certainly worth doing if you’re considering putting your property on the market.
Managing director of the firm Robby Du Toit told the news provider that it’s easy to see why people are more drawn to home improvements at the moment, rather than moving to a new property.
“It is logical that many view renovations as a more economical solution and given the uncertainty of the market due to factors such as Brexit, it certainly seems more beneficial to add value to existing dwellings,” he asserted.