Some 15 million (86%) homeowners decide to make improvements to transform their house into their ‘forever home’, LV= General Insurance (LV=GI) has found.
These improvements include as redecorating in their own style (58%), refurbishing the kitchen (50%) and landscaping the garden (39%).
Three in 10 (28%) homeowners living in their ‘forever home’ have stayed put and renovated their current home instead of moving further up the ladder, because they felt it was too expensive to do so.
Heather Smith, managing director at the LV=GI Direct business, said: “When looking to buy a property, especially one where you intend to stay put, it’s important to consider which factors are most important to you.
“With house prices continuing to rise and uncertainty in the market, our research shows that the vast majority of homeowners are choosing to renovate their current property to create their ‘forever home’.”
More than half (53%) of homeowners said the house they live in now is where they plan to stay put.
Those who don’t currently own their ‘forever home’ think they will buy it at an average of 49 years old.
On average people bought their ‘forever home’ at age 41.
With the number of homeowners improving their existing property on the rise, almost half (47%) of those who have renovated their home admit to not alerting their home insurer before they started construction.
Smith added: “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.”