Home improvements top of resolution list
Top 10 New Years Resolutions
New kitchen or bathroom
Improve energy efficiency
Move a parent in to the home
Move children out
Improve home security
Purchase second property
It appears that UK homeowners have been inspired by all the home and garden makeover shows that are popular right now; of the top four New Years resolutions, three are home improvement related. 36% of respondents plan to fit a new kitchen or bathroom in their homes in 2006, 25% are keen to give their garden a makeover and 18% are planning other DIY improvements for the New Year.
Jim Buckle, chief executive officer of propertyfinder.com commented, “Home improvements are high on the list of resolutions for 2006. People often make improvements to their homes before putting them on the market, which is interesting, as we have recently predicted that transaction volumes could rise by 30% in the New Year. Many of us have a tendency to make grand plans for our homes at the start of the New Year, which can fall by the wayside by February. But, for those looking to sell, home improvements can add considerable value and sprucing up the garden or doing some painting and decorating are the cheapest ways to increase the saleability of your home.’
A significant 26% of respondents said that they plan to increase the energy efficiency of their homes in 2006. This is unsurprising, as many will be feeling the pinch financially in the New Year. Propertyfinder.com’s recent energy survey showed that an overwhelming 75% of respondents would become more energy efficient if it meant saving money on fuel bills. A comparatively low 49% of respondents said that they would be motivated by concern for the environment.
Given that saving money is such a priority for many people in the New Year, it is surprising that only 4.7% of respondents plan to remortgage in 2006. However, with interest rates tipped to drop again in the New Year, the potential savings from remortgaging look set to increase.
Just 4% of homeowners plan to improve their home security in 2006, despite the low installation costs that the majority of these measures incur, and the possible insurance savings.
Jim Buckle continues: “Rising fuel costs are hitting homeowners hard and it is unsurprising that so many are responding with money saving plans to increase the energy efficiency of their. With this in mind, it seems bizarre that so few are looking at reducing their biggest household expense, namely their mortgage!”