Home Improvement is something that interests everyone – here we take a look at the statistics behind this and how we are doing our homes up…
Home improvement is something that homeowners of all ages are interested in. It’s easy to see why, too. Renovation is a way of shaping our homes to our precise needs, and putting our own unique stamp on things. It’s also a reliable way to add value to the property. Small wonder that homeowners of all ages are interested in it, according to Houzz’s report on Home Renovation in 2019 and 2020, which quizzed more than 7,500 UK homeowners.
Gen Xers (that’s people aged 40-54) accounted for 42% of renovating homeowners. Baby Boomers (ages 55-74) were just behind, on 37%, and Millennials (ages 25-39) were trailing on 19%.
Bringing in Professionals
Most British homeowners are keen to get a professional in to help with the work in 2019. 91% of us elected to get in help, with electricians and plumbers being the most called-upon professions, at 58% and 51%, respectively. We should remember, however, that professional themselves occasionally renovate their own homes – whether or not that counts as DIY is a matter of opinion.
What rooms do people choose?
The Bedroom, Bathroom and Kitchen enjoy a roughly even split in the priorities of homeowners, with each accounting for around 29% of renovation work. The kitchen had slumped slightly to 27% in 2019; the living room was down to 26%.
What about Covid?
Houzz’s report was released just prior to the announcement of the first national lockdown, in March 2020. According to a senior economist working for the company, Marine Sargsyan, the depressive effect that the pandemic has had on renovation is likely to be reversed after the anti-contagion measures are relaxed. “Deferred maintenance will accrue during this period, setting the stage for a renewed burst of activity following the pandemic.”
How do people pay for home improvement?
Home improvement is an investment that might pay considerable dividends in time. Revitalising that kitchen may add significantly to the value of your home, after all. But finding the cash to pay for an improvement can often be tricky.
One option available to homeowners who’ve already paid off a substantial portion of their mortgage is to release some equity. According to research from Key Equity Release, a significant portion of equity release goes toward home renovations (though this number slumped from 17% at the start of 2020 to 11% in Q3).
The Houzz and Home report corroborates this; 13% of homeowners are financing their investments through mortgage refinance. This compares with 14% getting the money from a previous home sale, and 20% using a credit card. By far and away the most significant contributor, however, is cash and savings, on 85%. This rises to 89% when you consider only 25-39 year olds.
