If we were going to do one thing to our homes, this is what we'd spend our money on
What’s on your list of home improvements? A loft conversion? A new bathroom? According to John Lewis Finance, more than 60 per cent of the nation has some sort of project in the planning – but haven’t yet carried it out. Its new research also reveals that more than one in five (22 per cent) have been thinking about their next improvement for six years or more. You can probably add us to that number!
The YouGov survey also polled the most popular renovation among British homeowners. Can you guess what came out on top?
Most popular home improvements
1. New kitchen (22 per cent)
2. Garden makeover (20 per cent)
3. New bathroom (16 per cent)
4. Extension (10 per cent)
5. Loft conversion (7 per cent)
6. Conservatory (5 per cent)
7. New home office (1 per cent)
8. Other/none (19 per cent)
Yes, not surprisingly, a kitchen renovation was the most coveted change, with 22 per cent of the vote – closely followed by a garden makeover. Those surveyed were also asked what renovation project they would carry out if they had an unlimited budget, which threw up some quite surprising results.
Most popular home renovations if money and space were no object
1. Swimming pool (26 per cent)
2. ‘Statement’ shed (11 per cent)
3. Library (9 per cent)
4. Home gym (8 per cent)
5. Games room (5 per cent)
6. Wine cellar (3 per cent)
7. Bar (2 per cent)
8. Tennis court (2 per cent)
9. Other/none (34 per cent)
Interestingly, many of these additions were recently named as home improvements that would actually lose you money. Those surveyed are obviously savvy when it comes to spending money on their homes. In fact, of those asked, 28 per cent explicitly admitted to being financially motivated, wanting to make changes to add value to their property.
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So what’s putting people off carrying out home improvements? Well, as you can probably guess, for the overwhelming majority (63 per cent), it’s a lack of funds. 17 per cent said they didn’t have enough time, and six per cent claimed their partner was holding them back.
‘It’s a shame that so many homeowners aren’t getting around to these projects which many have been planning for year and years,’ says Mike Jackson, Director, Financial Services, at John Lewis. ‘Especially as they have said it would mean they would enjoy their homes more, or add value to their property.’