Millions of disgruntled homeowners are using secured loans to breath aesthetical new life into their homes, a new report suggests.
One of the UK’s premier insurers has discovered that UK homeowners have spent a whopping £85 Billion remodelling their homes in the last few years. The data is additional to other recent reports relating to home improvements as a form of investment. Accordingly, British residents are more likely to “fall out of love” with their homes due to familiarity than any other nation. As a populous we are less content with our homes, and feel compelled to alter spaces as much as once every two years.
A secondary part of this group is said to focus more on transforming unoccupied space than remodelling existing space. Apparently 1 in 4 of every homeowner has identified and altered (or is intending to alter) dormant space. The main factor fuelling this trend (according to data) stems from a universal need to increase a person’s actual living area. People’s needs are constantly changing (such as new babies ect), and many would prefer to enhance their current home than move to a new, bigger home.
However, the company responsible for the survey has also mentioned that consumers need to consider their home insurance policies when carrying out such changes. Creating new space will affect your existing policy, as you are likely to acquire new possessions. The research reveals that many “home improvers’” overlook insurance and have come unstuck when trying to make a claim, realising the new space isn’t covered.
The study further reveals that the most frequently identified “dormant” spaces in our homes are garages, lofts and out-houses. Britain’s spend an average of £10,000 per project, and are likely to remodel certain aspects of their homes once every 18 months.
