10:34 AM, 29th June 2016, About 5 years ago 1
The majority of British home owners renovate their property for living in for the long term rather than to increase the price, according to the latest research.
67% of people are planning to stay in their home for more than five years and carry out work with the aim of building their dream home.
A survey of over 1,200 people found that 27% either have had or plan to get their home revalued after renovations.
However, 9% said they would need to move in order to be living in their ideal home.
34% of those with a home improvement loan have decided to revamp their kitchens and 19% said a bigger kitchen was needed in order to make their homes perfect.
Two out of five people say they are living in their perfect home once renovations have been completed.
The most commonly mentioned areas for improvement were better decoration at 31%, bigger kitchens at 19% and more bedrooms at 19%.
“This research gives an indication as to how landlords can go about ensuring they are able to keep reliable tenants for the longer term. As 31% of those surveyed wish for better decoration, landlords should perhaps consider giving their tenants the freedom to make decisions about the interior of their homes,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.
73% used professionals to complete their home improvements, the survey by Zopa, a peer-to-peer lending company reveals.
On the other hand, only 13% carried out all the renovations independently while 45% used skilled professionals.
Although people were less confident when it came to masonry work at 6%, bricklaying at 7% and plastering at 10%, people were happier to complete tiling (32%), wallpapering (51%) and painting (77%).
We can now GUARANTEE to beat any like for like quotation for landlords insurance. Operated on behalf of Property118 by The Property Insurer in conjunction with Discount insurance. What’s more, by using our recommended Landlords Insurance providers you will also be helping to fund the running costs of Property118.com so you save money and our community benefits too. Everybody is a winner. click here
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.