New data reveals the most popular home improvements homeowners are making. Here, we discuss what these are and the potential value you could add to your home.
Data from Nationwide reveals the most popular home improvements amongst homeowners, as well as the potential value these can add to properties.
The chief economist at Nationwide, Robert Gardner, comments, “Location remains key to house values, but other factors, such as the number of bedrooms, are also important to homebuyers.
“Having more usable space is generally thought to be consistent with better quality accommodation, and people are prepared to pay for it.”
What types of home renovations are most popular?
Unsurprisingly, kitchen and bathroom renovations were the most popular amongst homeowners who had made improvements in the last 5 years, with 71% undertaking either or both.
Furthermore, 42% added a bathroom or an ensuite, and 25% added an additional toilet.
Around 34% made green improvements to their homes, with a staggering 56% adding solar panels.
Younger homeowners (aged 25-35) prioritised ‘greening’ their homes, with 69% having made green improvements.
Conversely, just 18% of older homeowners (aged 55 or above) made green improvements. Instead, of those who had made improvements to their homes, 68% had opted for bathroom renovations.
Why do homeowners make improvements to their properties?
The most popular reasons for renovating homes were to make the property look nicer (54%) and to increase the property's value (35%).
32% made improvements to modernise the property, while 26% were looking to add space, and just 7% were renovating to prepare for a sale.
How much value will a home renovation add to my property?
Gardner notes that “Home improvements that increase the size of the property, such as extension or loft conversion, remain a compelling way to add value”.
He continues, “A 10% increase in floor space, all things equal, adds 5% to the price of a typical house. But our analysis suggests that it is additional bedrooms that are key to adding value”.
“For example, adding space to create an additional double bedroom can add 13% to the value of an existing two-bedroom house.”
How can I finance my home improvements?
If you’re hoping to renovate your home, you don’t necessarily have to drain your savings to do so.
In fact, many lenders have funding options to help you finance your home improvement projects. This is typically through a home improvement loan, a further advance, or a second-charge mortgage. These mortgage options allow you to use the equity in your property to give you the cash you need to complete your home improvements.
Next Steps
To discuss your finance options to help you fund your home renovations, get in touch with our experts. We’ll help you to fully understand the process and answer any questions you may have.
To discuss your next steps, call us on 0345 345 6788 or submit an enquiry here.
