Artificial Lawn Editor: Quality home improvements and DIY projects can be expensive. Santander have provided this information about popular home improvements and how to fund your next project effectively – choose a savings account with Santander.
Britain is a country of DIY-ers. According to research by Halifax, more homeowners than ever are choosing to stay put and improve rather than move. 56% of all homeowners are carrying out some form of home improvement and it seems that this year they have upped the budget. These new home improvers are shelling out over £1000 more than last year, bringing the total spend to a whopping £6,362.
The preferred method of change is using the humble paintbrush. 65% of homeowners like to slap a lick of paint on the wall to revamp their homes. In second place, were garden improvements. 37% of people like this method of home transformation. New furnishings came in third with 20-31%, followed by new carpets and bathrooms at 22% and 19% respectively.
In most cases, people weren’t actually making these improvements to move. The main motivation was to improve the look and design of the property, with 59% of people favouring this option, whilst 52% just wanted to update and modernise specific parts of their property.
Interestingly, the people that spent the most on their homes weren’t the ones that had lived there the longest. People that had lived in their home for 10 years or more, spent £5,299 on home improvements. Those that had lived in the property for between three and four years spent the most at £9,481.
First-time buyers also spent quite a significant amount on doing up their homes, considering they probably have the smallest budget. Despite the recession, first-time buyers are now spending twice what they did in the 1970s according to research by Santander.
Most first-time buyers are now spending more than £3,500 on home improvements as soon as they move into their first home and increasing numbers are buying alone. Santander’s research showed that only one in six purchases were not kitting out their first home with new stuff for less than £1000.
Across the country, the findings show that the first £1000 is spent on sofas, armchairs beds and kitchen appliances with things like gardens and exterior developments coming later in the ownership.
Start saving for your home improvements with Santander. A full range of savings accounts are available, including ISAs and bonds as well as instant access accounts.