Renovating For The Long Term, Not Financial Gain

• June 7, 2016|
• News|
• Darren Clarke

When people do up their homes and add in double glazing, conservatories, bi fold doors and more, others can be quick to think that they’re just doing it to add value to the property.

However, new research has just revealed the real motivation behind such renovations – and it’s not what you might think.

Zopa figures show that an impressive 73 per cent of people are in fact not interested in the impact a refurbishment would have on the price of their house and instead are undertaking such projects to ensure they have a nice place to live in for the long term. In all, 67 per cent said they were keen to stay in their properties for the next five years.

The most popular home improvements are kitchens, general decorating, bathrooms, gardens, boilers, windows, conservatories, loft conversions, roofs, solar panels and basement conversions.

“It’s positive to see that the majority of people are improving their homes to live in for the long term, rather than selling up and moving. Whilst renovating can seem pricey, it’s significantly less expensive and disruptive than moving house,” CEO of Zopa Jaidev Janardana said.

Similar research results were recently published by Clydesdale and Yorkshire Banks, revealing that one in five homeowners in the UK are looking to do their homes up this year, rather than relocating elsewhere.

Those of you thinking of taking out a loan in order to fund their home improvements may well be interested to hear that the average amount lent per household last year was £37,979.