Unsure whether to go onto the market for your forever home or stay put and redecorate? Well, you’re not alone.
Home insurers LV reveals that last year, a staggering 15 million homeowners decided to make improvements to transform their house into their forever home – rather than move.
Staying put at home means that homeowners put in a lot of work to transform their property.
Redecorating in their own style, refurbishing the kitchen and landscaping the garden were very popular jobs for those wanting their forever home.
While three-in-ten homeowners living in their forever home stayed put and renovated because they felt it was too expensive to move up the property ladder.
For those who have decided not to redecorate, they may be playing the waiting game. The research finds that those who currently don’t own their ‘forever home’ think they will buy it at an average of 49 years old.
What makes a forever home?
According to LV, the most important factors for a property to be the ultimate home are the garden, the number of bedrooms and access to amenities, like parks and shops.
Parking spaces and access to good transport links are also hugely important.
But before you start to make renovations to your home, you should plan well in advance.
Heather Smith, Managing Director of LV General Insurance Direct says. ‘Renovations can take up a lot of time and money, and with your home being your most valuable possession, it’s important to have the right protection for your home and its contents.’
‘We’d encourage people to tell their insurer about any planned structural work, such as an extension, loft conversion or new roof, to ensure that cover is in place.’