2010: Year of Renovation

According to an industry expert, the recent trend for home improvements, instead of moving into a new home, will continue throughout 2010.

Editor of Build It magazine, Duncan Hayes, said that a combination of price rises for residential property and uncertainty about job security has lead more people to renovate their current properties instead of looking for a new home.

It was reported last year, by Jason Orme of Homebuilding and Renovating magazine, that the recession lead to a ‘cultural shift’ towards more home improvements rather than moving. It was emphasised that making extensions to the current home, such as conservatories, or remodelling with new materials such as double glazing can be a ‘really easy way of adding space and value’.

Research carried out by Halifax has shown that green home improvements will offer the largest return on investment. Whilst still living in the property, those who choose to install measures such as double glazing can benefit from warmer homes and cheaper energy bills. When you decide to sell, these improvements can make homes far more desirable in the eyes of the buyer.

The average cost of green home improvements, as reported by Halifax, is £1,722. According to the report, this work can add around £4,327 to the value of the property.

Measures such as extensions and conservatories are also the perfect way to add new living space and value in terms of selling price and the enjoyment people will get out of their homes.