New research reveals that 14% of homeowners are considering making improvements to their home. The survey, commissioned by Gocompare.com Money, found that 5% of homeowners have decided to extend their current home rather than move house. Fitting a new kitchen, building an extension, installing a new bathroom, and a garden makeover top homeowners' renovation wish lists.
The survey found that the majority of homeowners desired a new kitchen over other home improvements and, following closely behind, just over a third of respondents had a new extension for their home at the top of their wish list. In third on the list, with 33% of those surveyed, was the installation of a new bathroom, placing heating and plumbing improvements firmly at the top of homeowners most wished for renovations.
Spokesperson for Gocompare.com Matt Sanders said: "Whether it's to increase your living space to accommodate your growing family, or to reduce your household bills by improving your home's energy efficiency, home improvements are a great way of making your home a nicer place to live and can add value to your property. But, while it can be cheaper to improve rather than move, major renovation projects can still run into tens of thousands of pounds. So, unless they have built-up substantial savings, most homeowners will need to consider either taking out a loan or remortgaging their home to fund their projects. For less costly projects, a 0% credit card or an agreed bank overdraft may also be worth considering."
If you need to raise a large secured loan to fund your home improvement project then you may want to consider remortgaging your home. Remortgaging enables you to release equity from your home and can be a good option if your project will add to the value of your property - for example, if you're thinking of building an extension.
Mr Sanders continued: "If you need to borrow money to fund your renovation plans, it's essential to do your homework and weigh up the pros and cons of each option against your personal circumstances. This will help you to properly understand the full costs of borrowing and whether you can afford it.