Are You Making Home Improvements?
5th November 2020 posted in Sellers Buyers
While the stamp duty holiday is encouraging people to move quickly, many people are looking at the long-term of the housing market. Moving home is a big decision, and it isn’t something to rush into.
If you are in a position to move soon, and your finances are in a good position, the stamp duty savings are of benefit. However, if you don’t feel ready to move, you shouldn’t, and you should make changes that will help you move in the future, or enjoy your home more.
People are making changes at home
Recent studies indicate a lot of people are actively changing their home right now. This might be to add more space, or to boost the value of their home.
Builders have said their have experienced a 47% increase in their workload over the summer of 2020. Also, there has been an increase of 20% for online planning applications.
This suggests a significant number of homeowners have used their time at home with purpose. In the initial days of lockdown, many people embarked on home improvement projects. It looks as though this has been sustained, and it could be the start of a greater level of activity of this nature.
The importance of adding value
Information provided by Dataloft suggests 23% of home improvements are carried out with the intention of adding value to the property. There are some concerns about house prices in the future, so it makes sense for homeowners to take steps which will lead to their house holding a higher value in years to come.
This helps them attract buyers, and to obtain a better sales price when they eventually place their home on the market.
It is believed the average figure spent on property improvements in recent years has been £48 billion. It is expected the 2020 figure will be considerably higher.
The NAEA have listed the top nine home improvements which increase the value of a home as:
1. Redecorating the property
2. Undertaking a kitchen makeover
3. Adding to or updating the bathrooms in the property
4. Making the garden more appealing
5. Installing or upgrading the double glazing at the property
6. Making an open plan space
7. Adding new doors to the home
8. Converting unused or underused loft space
9. Adding a driveway to the property
They also state the importance of avoiding personalisation.
The top five most common home improvement projects during 2020, according to a recent study, are:
· House extensions, cited by 74% of respondents
· Porches, said by 9% of respondents
· Loft conversions, listed by 7% of respondents
· Conservatories, also said by 7% of respondents
· Out-buildings, named by 3% of respondents
It will come as no surprise that the increasing need for a home office space is driving a lot of the changes people are currently making in and around their house.
If you are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.