MenuSearch

British Homeowners Are Big Spenders When It Comes To Home Improvements...

June 20th 2013
By: Melanie

We all know that us Brits love doing home improvements, and new research shows that we spend an average of £13,000 over a lifetime just decorating our homes.

The largest spenders are in the North West of the UK, spending an average of £2,000 per year on improving their homes, compared to people living in the South West and London who only spend on average £50 a year.

Last week a survey showed that 31% of British homeowners carry out improvements to their home just to ensure the property is the envy of the neighbourhood. Debbie Marco, a homeowner in the UK is a great example of this; she spent all of her savings on doing up her home so that it could be the envy of her street. She told The Daily Mail: 'We had inherited some money and were keen to buy somewhere that would be a good long-term investment - at least, that was my husband's main motivation. Secretly, I couldn't bear to be the anonymous owner of a distinctly average property, indistinguishable from the rest. I wanted to live in the most talked-about house in the area.'

This is probably not the case for all homeowners, most of us just want to have a home where we can live more comfortably. However you might want to think about whether to employ a professional or to carry out the work yourselves, as according to research from Sage Home Insurance, 4 out of 10 households (43%) have unfinished DIY projects, and half of these outstanding jobs (57%) were started over 3 months before. Interestingly one in three (35%) run out of money before completing a DIY job, 15% thought it was harder than previously thought and 13% lost interest.

In contrast if you do manage to improve your home, then you will probably be adding value to it in today's market, but it's always best to get independent advice before starting work on how much it could increase the value of your home, and make sure that if you start a DIY project that you complete it to a high standard.

If you need any advice on how you can add the most value to your home, then why not pop into your local branch of Intercounty, we will be more than happy to discuss all of your options.