Home renovation is an attractive investment for many. It can add considerably to the value of a given property, often while making it more pleasant to live in. What’s more, the type of renovation can be customised entirely to the needs of the occupier. Renovation can also be inherently rewarding. It’s great to see an old kitchen restored to its full glory, or to see an ailing bathroom be given a modern twist.
How much are we spending?
According to the Houzz & Home UK Report for 2020, the median spend on renovation was £11,000 for 2019. This represented a decline from £18,000 the previous year. This decline was roughly evenly spread across the generations, with baby-boomers and gen-Xers spending around £12,000, and millennials spending around £10,000.
How long does a renovation take?
Construction times varied considerably, between just under two and just over thirteen months. That isn’t taking into account the planning stage, which could be anywhere from five to thirteen months. Of all the rooms in the home, the kitchen tends to take the most time in the planning stages, at around ten months per project. We might attribute this to the natural complexity of all that pipework and appliances, and the kitchen’s relative importance in the home. We all want nice kitchens, and we’re prepared to spend more time designing them before we get them installed.
Basement projects are by far the most time-consuming, often because the room is being repurposed entirely.
Do people stick to their budgets?
In 2019, people were slightly better at sticking to their budgets than they were in 2017. 51% were within 5% of their target price, compared with 48% of their counterparts in 2017. 29% were over budget by less than 25%; 17% went beyond that. Interestingly, just 3% of renovators were under-budget. Some of the more common reasons for going over were: deciding to buy more expensive stuff (44%), that the materials or products cost more than expected (39%), or that the project was more complex than expected (39%).
For these reasons, it’s often worth the up-front cost of surveying and other groundwork, as it’ll help you to understand exactly what problems might be thrown up during a renovation.
Where are people’s priorities?
When it comes to priorities, we see an even split between the bedroom, bathroom, kitchen and living room. The first two sit at 29% each, while the latter two sit at 27% and 26% respectively. The more popular home utility upgrades are heating (41%) and plumbing (37%). As far as exterior features are concerned, skylights are enjoying a bit of a renaissance, with 30% of homeowners having gotten one installed.