Homeowners looking to carry out major renovations in 2018 are urged to seek professional help first, after new research from VELUX found that the majority fail to properly consider the financial consequences.
The study found that despite one-fifth of homeowners planning to carry out work to their home next year, a third have not costed the project and 52 per cent admit they do not know how they will pay for it. Low interest rates and soaring house prices have made borrowing to renovate your home seem more attractive than moving, but research shows that many people don’t properly plan ahead.
Only 15 per cent of people have spoken to an architect about their renovation plans and three quarters have not yet received a competitive building quote. Grant Sneddon, product manager from VELUX, said: “It’s the time of year when many families start sketching their plans to transform their homes, which can be anything from small projects such as replacing windows to renovating a kitchen or building a large-scale extension. “What our comprehensive research underlines is that an increasing number of homeowners are turning to renovations to improve their existing homes rather than move house.
This is a great idea as upsizing to a bigger property isn’t easy in today’s climate and tackling a renovation can be a great way to create a unique home.
Source: s1homes Ayrshire magazine