In the decade leading up to the 1990s, the average number of homes that a person would own during their lifetime was in the double digits, as the lion’s share of Britons would actually move houses at least ten times before settling down and retiring.
On account of the fact that we used to relocate in an effort to upgrade our living space and neighbourhood, the UK featured a paltry level of spending on home improvement initiatives prior to the turn of the millennium. Even if you adjust for inflation, householders in the United Kingdom during the 1990s would devote less than £10,000 to various fix-ups and refurbishments throughout their lifespan, with most of the repairs befalling the roof.
Oh, How the Times Have Changed
Nowadays, these trends are much different to say the least.
On average, we will reside in two rental properties after turning 21, and forecasts imply that we will own less than five mortgaged homes before retiring. As could be expected, this ostensible aversion towards moving house has coincided with a 260 per cent upturn in lifetime renovation investments, but let’s take stock of why this shift has swept across the country. Consider the following facts:
- The largest percentage of UK homeowners – roughly one third – live in dwellings constructed prior to 1950, many of which demand considerable modernisations to keep up with the times.
- Property renovation shows rule the roost in terms of twenty-first century television programming. It is estimated that more than 50% of UK residents watch at least one property reality TV episode per week, and the Broadcast Now organisation recently reported that Channel 4 has a whopping 12 renovation series in the works.
- We also have an inclination towards staying close to our childhood homes. Many of us will actually remain within ten miles of our parents’ homes for the first decade after moving out, and reside in only two different cities before the age of 60.
Moreover, it takes approximately twenty years and ten months to completely pay down the median mortgage balance, which encourages us to hang up our hats and put down roots after buying a home.
When Creating a Renovation Plan, What Are Britons Spending Money On?
The renovation arena can be divided into two slices, so to speak.
The first slice is comprised of fairly minor DIY upgrades, such as installing LED lights, changing knobs on doors, adding transitional paints from room to room, and performing gardening projects, while the second slice embraces more valuable facelifts with the help of a professional building company such as the Senate Group, for example.
On this subject, we’ve compiled the most fruitful renovations in terms of how they can sway your estate’s listing price:
- Transfiguring your loft space into an auxiliary living area: +12.5 per cent
- Building a structural extension that melds into the skeleton of your home: +11 per cent
- Constructing a detached conservatory or enclosed glasshouse: +9 per cent
- Equipping the galley with new worktops, cabinetry, and backsplashes: +4.6 per cent
- Reconceptualising your lavatories from floor to ceiling: +2.88 per cent
The amount of requests for these projects is unsurprisingly correlated with each one’s eventual return on investment, so get a handle on your disposable budget and contact a community building group today to discover your choices.