Property buyers are renovating homes in first year of ownership
Property buyers spend an average of £10,010 on their homes in the first year of ownership, new research from insurance provider Aviva has revealed.
This amounts to roughly £6.8 billion across the whole of England, with approximately 679,000 owner-occupier moves taking place each year.
The survey, which spoke to more than 1,000 recent homebuyers, has shown that for 47% of participants redecorated bedrooms are the most popular form of first year makeover.
Meanwhile, 43% of people turn first to redecorating the living room, while 18% of movers choose to install a new kitchen within the first 12 months. The same number opt to shell out on a new bathroom.
Nothing says warm and homely like a roaring fire, which is why 8% of recent buyers splash out on stoves and fireplaces. Furthermore, an ambitious 6% of people choose to build an extension.
Some 24% of movers invest in new furniture, while 17% go for new technology items such as TV and surround sound systems.
The research also found that people are far more likely to carry out superficial changes to their homes rather than investing money in home security.
From a financial point of view, 63% pay for any renovations via their savings, while 19% put their expenses on credit cards. One in ten said they are even happy to take a “buy now, pay later” mentality towards renovations by using store credit.
For sellers, this poll throws up some interesting points. Before you put your house on the market you might think about renovating your bathroom, kitchen or bedroom to increase the asking price you are going to set.
However, if a buyer is immediately going to come in and change these rooms within a year, it may be that you have wasted lots of money on renovations that aren’t necessary.
Of course, you need to make sure your home is as attractive and presentable as possible. But, as this survey shows, larger-scale improvements might not be needed.
At Mishon Mackay we operate in Brighton, Hove and the surrounding areas, taking great pride in the customer service we offer and doing all we can to get your property sold for the best possible price.
If you would like more information about buying and selling property in the above areas, please get in touch with Marc Cox on: 01273 416732.
We also have our own instant online valuation tool to give you an accurate estimate of what your property is worth in the current marketplace.