Growing number of homeowners choosing to renovate rather than move

The number of homeowners choosing to make improvements to their homes rather than selling and moving on has been steadily increasing in recent years.

Traditionally, homeowners looking for more space would look at buying a bigger property. However, research shows that an increasing number of homeowners are opting to make alterations to their homes, such as loft renovations and extensions, rather then moving.

Research reveals that from 2014 – 2018, there was a five-fold increase in people choosing to stay put at their property and carry out home improvements rather than selling up and buying somewhere bigger.

The growing trend to improve rather than move has been pinned on rising property prices, the cost of stamp duty and a sluggish property market.

With the evenings becoming lighter, the weather warmer and a drive to get our home ‘summer-ready’, the spring has long been a popular time to start making improvements to our homes.

Not only is the weather more suitable for carrying out building work on a property but many showrooms offer deals in early spring to get rid of the previous season’s stock, making home improvement projects more cost-effective.

For homeowners thinking about making significant renovations to their property, it is important they notify their home insurer before any work begins, other than general refurbishments.

Nelson Policies at Lloyd’s can look at covering the existing structure of a property whilst building works are being carried out.

To find out more about our non-standard residential insurance that includes works and renovations, get in touch with Nelson Policies at Lloyd’s friendly team of residential property experts.