14.4.21

Why Now is the Best Time for a Renovation


Over the last year, many of us have spent more time than ever at home. This has led to many homeowners making improvements to their property.

There are various reasons for this. Some have changed things up to make their home more comfortable and better meet their needs, while others are thinking of selling and want to add value and make it more attractive to buyers.

Whatever the reasons for you considering a renovation of your home, you’ll find that now is the ideal time to make these updates. Here’s a look at why this is.

New home renovation trends 
At the start of the first lockdown last spring, it was estimated that almost three-quarters (74%) of UK households were planning on doing some DIY over the May bank holiday. This reflects just how many of us noticed during those first few months at home all the areas that needed altering and refreshing.

This trend has continued into 2021, however the focus has shifted from pre-lockdown refurbishments. Now, we’re focusing on the outdoors, maximising space in the garden and tidying up the yard.

This is largely because after lockdown spent indoors, buyers’ priorities have shifted. Where once ample outdoor space was a ‘nice to have’, it soared to the top of the essentials list last year. In fact, according to the 2020 Renovation Nation Report by Money.co.uk, gardens topped the list for the most popular projects, with 35% of homeowners focusing on their outdoor space over other updates.

In answer to this, sellers are tapping into the trend, rethinking garden layouts and focusing on how the existing outdoor areas could become a major selling point. For the homeowners who want to stay in their property, they, too, are revitalising their outdoor space after lockdown.

Make the most of low interest rates
Interest rates are at a historic all-time low. The base rate, which acts as a guideline for banks and lenders when they set their interest rates, is currently at 0.1% and has been since last March. This means that you are well-placed to take advantage of low borrowing costs as your money will go further.

Should you need to make some major structural changes that a credit card or savings won’t cover, such as building an extension or converting loft space, you may need to take out a loan to help cover the costs. Take this time to carefully budget for the upgrades you’re making.

Timing is everything
While we’re gradually coming out of the third lockdown, there’s time to make major upgrades and hire contractors. It’s predicted that there will be a surge in demand for renovation work once restrictions are lifted, with those working in the construction industry in demand. This, in turn, will lead to holdups for getting planning permission.

So, the sooner you get your renovations underway, the better. It’s worth working out what you want to change now and arranging the tradespeople to come in and do the work before you find yourself at the back of the queue.

You know exactly what you want
You’ve had time to think about the changes you want to make around your property in the last year. Whether you’re changing things up so you can sell, or you’ve spent the last year making a note of the things you want to update to make your home more comfortable, you probably have a to-do list that you’re ready to tick off.

Are you ready to make some changes to your property? Where will you start?

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