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More Homeowners in the UK are Choosing to Renovate Instead of Moving
In the past, when homeowners needed more space, the trend was to move to a larger home. However, things have changed and now more people are instead looking to renovate their current home.
Research has shown that about 15% of homeowners in the past year decided to renovate, rather than move. The increase is significant. The trend is also seen higher in those between the ages of 18 and 36. In this group, about 25% have decided to invest in their current homes.
What’s Behind the Renovation Movement?
There are several reasons more people are looking to improve their current properties instead of moving. For one thing, the housing market has been slow. In addition, new home sales must also deal with the stamp duty and potential increases in interest rates.
Moving to a new home is also expensive and disruptive. The cost of the move itself is beyond affordability for some homeowners. The uncertainty of Brexit has also made people rethink moving. So, people have chosen to invest in their current properties.
In addition, many people have found that staying in the current home has some benefits. These include saving money, their current property being a safer investment, and staying in one place is a good thing. Some feel staying in one place makes it easy to become part of the community, rather than starting all over in a new place.
Most Popular Renovation Projects
The most common renovation projects always seem to be the kitchen and bathroom. However, these days people are looking to create more space. For this reason, renovations such as living room extensions and loft conversions have become more popular.
Another area that is seen increased growth is garden conversions. These are now the third most popular home improvement projects in the UK. The most popular garden improvement projects include the addition of a garden room, which can be used in several ways. For instance, home offices, home gyms, hobby rooms, and more are extremely popular.
The Challenges of Renovations
Of course, home renovations do come with their own challenges. For instance, improving a home is not cheap. The average renovation project is about £16,000 and may take up to five months to complete. Additional challenges follow, which can include obtaining planning commission, increasing home insurance coverage, and more.
For these reasons, some homeowners are looking at the possibility of choosing a conservatory addition to their homes. These usually do not require planning permission unless they go over a certain size. Plus, they easily add living space onto the home, without the expense and disruption of a traditional home extension.
With the right plan and thinking outside the box, it is possible to improve and renovate your home.