In our present financial climate and difficulties of the unsettled economy, slow property sales offers most firstbuyers a challenging task to put together a deposit for a new property. Whilst some homeowners are considering moving a vast majority are renovating rather than relocating.
Most people are emotionally attached to their properties and during these turbulent times we are constantly being told that property prices across the UK are stagnant at best.
For this reason a clear majority of British homeowners believe that renovating their current property is a much more financially wise option than moving home in the current market.
With mortgage lenders tightening their policies and continued uncertainty hanging over the housing market improving your current property is by far a smaller risk than buying a new one.
People feel reticent about selling and looking to improve their current property.
It seems homeowners are thinking strategically – investing in their home now could reap rewards should they wish to sell in the near future.
As interior designers we have found recently that more clients are investing heavily in their homes despite continued reports of challenging economic conditions.
Some are doing it to add value to their homes, some find themselves stuck on the property ladder and see a change in their living environment as an alternative.
It’s a daunting task to embark on a home improvement project, but it can also add a great deal of value to your property.
As interior architects and designers we have never been so busy, renovating an existing property is by far more challenging than working on a new build. With a renovation you are met with all sorts of obstacles that have to be overcome, window locations, structural changes, listed buildings, the list goes on. But at the same time it’s the most enjoyable.
Each project is different, so timescales and budget vary enormously, and factors affecting price might include the location and condition of the property, or the actual type of property, as well as the specific type of renovation to be undertaken.
More and more clients are thinking strategically, by renovating it allows them to remain in the community that they are happy in, children in good schools, neighbours and good amenities. By renovating it also allows them to have a new home without incurring fees for estate agents, legal fees, stamp duty, removal costs, its not a cheap exercise. Don’t be fooled though as the decision to renovate can be a painful one-both emotionally and financially. Your home is turned into a building site and you may have to find alternative accommodation.
Another reason we find clients renevationg is to make their homes ‘greener’ more energy efficient. They look to install the state of the art insulation and energy systems, which guarentees them an efficient home in terms of low energy use.
I also believe that many clients fall in love with their homes, they have a character and a beauty that they cannot part with.
Many people are renovating and changing their properties in modern times, so it is not difficult to do and there is plenty of information available regarding such projects online and in magazines and books.