Whether homeowners release equity from their property or use savings set aside for holidays, investing in renovations can be a worthwhile endeavour that adds value to a house. A recent report by money.co.uk has uncovered that during lockdown, UK homeowners have spent typically more than £4,000 on property renovations.
Since March, when the lockdown was imposed, homeowners have spent their funds upgrading areas inside and around their homes. Garden projects were among the most popular, comprising 34% of updates undertaken, while living rooms, bedrooms and kitchens accounted for between 22% and 23%.
Almost one quarter of those asked stated the money they used for their home improvements was originally intended as funds for holidays. However, with travel restrictions enforced during lockdown and many households confined to their properties, repurposing savings for renovations has proved a practical option. The main source of funding for updates around the home overall was found to be from general savings.
Around 65% of homeowners spent time and money investing in their properties, despite many facing financial restrictions during lockdown. Renovations around the house seem unlikely to show signs of slowing down, with the report also indicating that 73% of the property owners consulted stated that even as lockdown eases, their intention is to spend more time at home.
Owning a house is commonly the largest financial investment undertaken in a lifetime. With this in mind, all renovation projects should always be planned with an aim of adding long-term value to properties.