So many different areas play a key role in the property world, both in terms of commercial construction and residential projects.
When it comes to the latter, one issue that is always a big talking point is home improvement. While many people may look to buy their dream property, others work to transform what they have by adding new and exciting elements.
A breath of fresh air
Home improvement can breathe new life into many different parts of a property. It is not all about the internal aspects of a house either, as external elements like the garden can also be the focus of projects.
Property Reporter recently covered Rated People’s Home Improvement Trends Report, which highlighted the most value-adding garden improvements this year. The study suggested that a swimming pool would add more than £7,000 to a property, while a studio room, summerhouse or home office could add around £5,000. Other improvements highlighted in the study included the installation of bifold doors, the creation of outdoor entertaining space, patios and greenhouses.
Of course, property owners have lots to consider when taking such steps, including how they will fund such activities. Some may be able to use savings, while others might remortgage. As Trussle, a business that compares mortgages and providers, explains, home improvements are one of the key reasons why some people take the step. The site explains that the value added to a property could ultimately mean it is a good investment and how other reasons for remortgaging might include to pay off debts or get a better rate.
So, while home improvement is clearly an area that attracts lots of interest, what does the future of the sector look like? Well, a new study has attempted to answer that question, with it hinting at some major growth in the coming years.
A report by Global Market Insights suggests that the home improvement market was worth around $762.9 billion in 2020. In addition, it forecasts that the sector could be valued at $1,009.9 billion by 2027. The study outlines that spending to modernise old infrastructure will boost demand, while advanced technologies like 3D printing mean the future is looking bright. The report added that 3D printing offers benefits like more design freedom and the potential for fast remodelling.
Looking at specific elements of the home improvement market, revenues from the property improvements end-use segment are expected to reach $152.6 billion by 2027. Global Market Insights defined property improvement structures as items like porches and outbuildings, while it added that non-structural improvements were fencing, driveways and gates.
Home improvements are a massive part of owning a property, as many people look to bring a fresh twist to their surroundings and add some value along the way.
The Global Market Insights study has highlighted some interesting trends, while it also suggests that the future is looking very bright. It will be fascinating to see whether its forecast is ultimately correct in the months and years ahead.