How Much Are You Spending On Home Improvements?

When it comes to our homes, many of us are happy to spend money making them more attractive, updating old features or even adding new extensions.

And it seems that in 2018 the average amount we spent on home improvements increased by 16 per cent compared to 2017.

That’s the finding of the latest Post Office Money survey, which noted that the average home renovation project in the UK now costs £14,015. However, Mortgage Introducer also pointed out that the research showed that ten per cent fewer households spent money on home improvement projects last year than in 2017.

Some of the most popular renovations to make were fitting a new kitchen, building an extension, landscaping the garden and installing a walk-in wardrobe to the master bedroom.

Speaking to the news provider, director of Post Office Money Chrysanthy Pispinis said that for some, carrying out renovations are a way to add value to a property at a time when house price growth has slowed down.

“Making the right changes to your home can increase its market value significantly; if improving your home’s asking price is your priority, it’s important to keep in mind the cost of the improvement and the value it could add,” she stated.

Despite this, only five per cent of those surveyed said they were making changes to their abode with the express intention of moving.

28 per cent, however, said they decided to carry out renovation work because it would be a good investment and add value to their property when they came to sell.

If you are carrying out DIY projects with one eye on selling your home, you may be surprised at some of the things prospective buyers are most concerned about.

Property Reporter recently shared research from Anglian Home Improvements, which found that buyers are likely to be most concerned by things like whether your property has new windows and a new front door.

Those aged 25 to 44 are most likely to be swayed by the state of the front door, the survey found, with 18 per cent of those in this age group stating that this is something they prioritise when looking for a new home.

If you’re going to replace your front door, and potentially other doors in your home, you may want to splash out on posh door thresholds to make sure the look is polished throughout your property.

This is a relatively affordable change to make, which could be great if you’re on a tight budget. However, the research found that the most lucrative renovation to make when it comes to adding value to your property is creating an open-plan living space.

According to the Anglian Home Improvement survey, this can add an average of £46,503.94 to the value of a property. Loft conversions are also a good option if you have the space, with this project boosting values by an average of £24,254.56.

Building an extension, adding a new kitchen and installing a conservatory were named as the other top projects to undertake if you’re looking for renovations that will also add value.