- 04
- Jul
Research from Halifax shows that Britons are typically adding £5,000 to the value of their homes by adding improvement and renovating their homes themselves through DIY projects. Over the last year home improvement has become more popular with people looking to add value to their home as well as increase their chances of selling their home. The research reveals that almost three homeowners in five have improved a part of their property within the last year, with twelve percent making improvements more than twelve months ago.
Some of the most popular improvements that were done were those that are designed to add value to homes and improve their saleability; redecorating was the top change with two in three applying a new coat of paint or new wallpaper.
Although redecorating was one of the top improvements, many people have been making improvements to their gardens as they are beginning to view their gardens as an extension of their home. Many homeowners feel that it is important to invest more time and money in improving the outdoors just as much as they would indoors, as the garden can make a big impression on some buyers.
As popular as home improvements have become with homeowners, there are some homeowners who are not making improvements with 62 percent stating that the biggest factor holding them back from making any improvements from their property is cost. For those who carried out home improvements, half spent less than £2,500, one in three spent between £2,500 and £10,000 and one in nine spent more than £10,000.
Most homeowners released capital from their home in the form of remortgaging or secured homeowner loans, with a smaller number choosing to use their savings. The most popular amount for a home improvement loan remains £10,000, an increase of £2,000 in the last two years.
