There are different reasons for making upgrades around the house. It might be that we’ve been meaning to update different areas for a while to create a more comfortable, homely space, or it may be that we’re considering selling in the future and want to make changes that could increase value.
The type of renovations and revamps that homeowners are making have changed in the last year. This is largely because after lockdown spent indoors, buyers’ priorities have shifted. For instance, where once ample outdoor space was a ‘nice to have’, it soared to the top of the essentials list last year. In answer to that, sellers are rethinking garden layouts and focusing on how the existing outdoor areas could become a major selling point.
So, what changes are being made? And what other areas around the home are set to be the major home renovation trends in 2021?
According to the 2020 Renovation Nation Report by Money.co.uk, gardens topped the list for the most popular projects in 2020. Around 35% of homeowners focused on their outdoor space over other updates in the home, showing just how much our priorities changed last year.
The Rated People Home Improvement Trends Report 2021 predicts that this emphasis on the garden will continue this year. Almost half (47%) of UK residents are upgrading their gardens in the coming months, while 64% of potential buyers say they wouldn’t complete a purchase if the property had no outdoor space. Additionally, 29% want to move to a property that has more outdoor space than they currently have.
These numbers reveal that, while outdoor space was always an attractive feature, it’s coming into its own in 2021. If you’re making updates in the home, whether you have an expansive green space or a yarden, you might want to add this area to the top of the priority list.
As well as craving outdoor areas, homeowners want to maximise the space available. Structural jobs such as extensions, removing walls, and rethinking storage have all factored highly in the last year. The Rated People report also revealed that a quarter of UK residents want to move to a bigger property.
The report also revealed that home offices are likely to be a major renovation trend. As 43% of UK residents plan to work from home more than they did before, it’s perhaps unsurprising that 38% are making changes to the current work from home setup.
Funding the upgrades
If you’re thinking of making some changes in 2021, it’s worth thinking about how you’ll cover the costs. There are different options available.
Using savings is a good option as these can be a straightforward purchase without having to borrow any money. The 2020 Houzz & Home Renovation Report for 2019 and 2020 revealed that 85% of respondents used cash or savings to fund updates in 2019, so it’s a popular funding option.
If you’re over 55, equity release could be a potential source of funding. Equity release can free up tax-free money if the property is worth over £70,000, so you might be able to tap into extra funds for your home updates.
You might want to use a credit card. As long as you can make the repayments and you carefully plan how you’ll use it, this could be a good option as if there are any faults with the work you have done, you can claim back from your card provider.
A loan is also an option, especially if you’re looking to make space and want to add an extension as these cost a substantial amount. Like a credit card, you’ll need to make sure you can make the repayments and that you can comfortably repay the loan in full by the end of the repayment schedule.
Which home improvement trends are you following? Will you be buying new fences for your garden or adding a stud wall to create a new home office?