Home Improvements And Remote Working – What Changes Are You Making?
13th November 2020 posted in Sellers Buyers
If you are looking to sell your home quickly, Hunters Hornchurch can help. We know the stamp duty holiday is generating traffic and activity right now. If you are keen to connect with buyers, contact us and we can arrange a property valuation for your home.
However, we appreciate many homeowners are taking a longer-term approach to selling your home. Home improvement work you carry out now could improve the value of your home. It appears as though many homeowners across the country are proactive in preparing their home for a future sale.
Builders are working hard across the country
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.
Homeowners should consider adding value if they can
Information provided by Dataloft suggests 23% of home improvements are carried out with the intention of adding value to the property. With concerns as to how house prices will react in the future, anything which boosts the value of a home is likely to be a smart decision.
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
NAEA also highlight the importance of avoiding over-personalising the home when making improvements.
What changes are people making to their home right now?
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
There is no getting away from the fact that home office space is a priority for many homeowners right now. This is true for prospective property buyers looking at houses, and it is also something homeowners who don’t intend moving soon are thinking of.
While a lot has been said about how remote working will influence property moves, not everyone is looking to move in the near future. There is considerable uncertainty in the economy, and this often dampens demand for house moves.
The stamp duty holiday has created a lot of activity in the market, but there will be people looking to make their home more suitable in the short-term. Extending property, converting loft space, adding a conservatory or even adding an out building are all effective ways to establish a home office area.
While this space, hopefully creating a stronger work-life balance for many people, is helpful in the short-term, it will also make homes more appealing to buyers. Therefore, there are many reasons why current homeowners should consider the importance of home improvement work.
If you are keen to stay in touch with the local housing market, we can help. At Hunters Hornchurch, we are on hand to ensure you receive all the guidance you need in the local property market, and we are here to assist you.