We’ve seen a marked increase in people calling to enquire about home improvement loans since spring arrived
This could mean there are a lot of you who plan to spend the Easter break and May Bank Holidays getting stuck into a renovation project.
Make do and mend
After the property market crash of 2008 it became harder to take out a mortgage to move house, as lenders clamped down on their lending criteria. As a result, homeowners adopted a make-do-and-mend attitude and looked to see where they could improve the homes they had and make them more suitable for their family.
However, this isn’t really anything new. In fact, us Brits are famed for our love of DIY – and a weekend spent painting, wallpapering, or putting up a shelf is a weekend well spent, in the opinion of many homeowners.
However, there are some home improvements that involve a lot more work – and money – than the usual odd job requires. For example, a survey* conducted for us last spring revealed that, of the people who were planning home improvements over the year ahead, 17% were considering having a new bathroom suite fitted and 16% hoped to get a new kitchen.
These are the sort of jobs that it’s rare you’ll do completely by yourself. They usually require the help of a couple of professionals – such as a plumber to fit your new bathroom suite or a kitchen fitter to plan and install your new kitchen. The parts themselves can also be quite pricey when all added together, so these aren’t always jobs that can be done on a budget or in a day.
Having said that, this type of home improvement project can be worthwhile. You should get a better looking and a better functioning house out of it, after all. Even better, once it’s complete the renovations might push up the value of your property, which is good news when you do decide to move.
Help with home improvements
In March, 15% of the enquiries we received were about home improvements – which is a 50% increase since January and February. Clearly there’s a lot of people hoping to get stuck into their own renovation project out there.
If you have a big home renovation planned this spring, you can find out more about our home improvement loans here.
*OnePoll carried out online interviews on 2nd May 2013 using a nationally representative sample of 2,000 people.
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