UK home improvement is expected to increase significantly over the next year for numerous reasons. This is something that home interior and exterior retailers are looking forward to, because there is gonna be such an increase in people upgrading their homes.
Why Is There An Expected Increase In Home Improvement
For some, it is due to remote work or a hybrid work routine. This means that homes are being made more functional and comfortable. This includes turning certain areas of their home into an office. This can either be the corner of a living room, under the stairway or even have a whole room dedicated as an office. They could even go one step further with a garden room.
Another reason why home improvement is expected to increase is due to the continuing rise in costs of energy costs. This is making people think more sustainably and choose more energy-efficient devices for their properties. Not to mention installing triple-glazed windows and solar panels for the roof. Furthermore, you also have the option of the heat pump scheme, which the government is also offering.
Last but not least, you have property values. It costs a lot more money in the UK to move to a new home, especially with the additional costs of stamp duty. House values have increased significantly in the last few years, so this is why people are avoiding moving, because it is more affordable to renovate and upgrade their current home.
Choosing Property Upgrades Instead of Moving House
As briefly discussed, the increased price of property is one of the main reasons why people are choosing to upgrade their property. Not to mention, there is a lot of uncertainty in this current market. In fact, it is expected that roughly 21% of homeowners in the UK will instead spend their fortune on home upgrades this year.
Usually, a house upgrade is significantly cheaper than buying a new property, as not only will it cost to buy a home, but it will also cost to sell. That being said, people who move into their new homes will often upgrade their property as soon as possible. As they will wish to upgrade their homes to what they like.
Another issue with selling a current property is that not only does it cost money to sell, but it can also take up a lot of time.
Young buyers are also understanding that, due to the extortionate prices of buying a new home, it is best to renovate their first property. As stamp duty will need to be paid on their next property.
Areas People Are Upgrading In Their Homes
There are so many areas that people are renovating in their homes, so let’s take a look at them.
Energy Efficiency
As discussed earlier, energy efficiency is something that many people are considering due to the increased prices of electricity and gas. This means people are spending money on solar panels, heat pumps, home insulation, double or triple-glazed windows and more. People are even getting smart meters installed in their homes to ensure they are not using too much energy.
Home Office
Something else that more people are spending their money on, especially young professionals, is that they are converting certain areas in their homes into an office. This is due to the increasing number of people who have jobs that are either hybrid or full-time working from home.
Something that has become very common in the last few years is the construction of garden rooms. Garden rooms are great for adding more value to your home, and you can convert this into anything you like.
If a garden room is too expensive, then you can consider a conservatory as well. These make the perfect home office if you have it well-insulated. If there is a conservatory that already exists, then even better; however, you will likely need a conservatory roof replacement or even a conservatory conversion.
Kitchen
A room that a lot of people will spend most of their time in is their kitchen. Additionally, this is one of those rooms that can add a lot of value to your home without breaking the bank. This type of renovation is better for homes where the kitchen is run-down and already needs work done to it because it is outdated.
Bathroom
Bathrooms are also another great room to renovate because they can also be outdated in the average home. Yes, this can be quite a large investment, similar to a kitchen, but it can also offer great returns and add a significant amount of money to the selling price.
To Conclude
Many people are choosing to renovate their property due to the additional costs of buying a new home. Not to mention that energy bills are continuing to rise, so therefore, people are aiming to be more sustainable. That being said, home renovations can also be expensive, so you need to weigh out whether or not which is the more affordable option.