A research study carried out by Hiscox has shown how a higher percentage of homeowners in the UK are opting to carry out home improvements such as loft conversions in their Derby properties rather than sell up.
In 2013, only three per cent of people on the property ladder chose to make home improvements instead of moving to a new home, however that figure now sits at 15 per cent. Of those, 25 per cent fall into the ‘millennial’ age bracket.
The trend in homeownership is changing due to a few factors – increasing property prices make it difficult to upgrade to a new property, where buyers are finding a shortfall between the cost of their first and second homes. Stamp duty, inflating interest rates and a slow property market are also a cause of less home moving, but the main worry for many homeowners is pending Brexit and the uncertainty this brings, according to The Independent.
A home insurance representative for Hiscox described the change in mindset in homeowners: “The decision to improve instead of move is a new normal for homeowners whose lifestyles are evolving. People are looking at ways to adapt their existing homes to meet their changing needs.”
Many homeowners now choose to carry out home improvements for the financial benefit it may bring – not just improving living conditions for themselves, but also adding value to the property in the future. As with any major home improvements, it’s a good idea to check that what you’re throwing your money into will add value to your home in the end.