Kitchens are as popular in Watford as they are anywhere else, and a recent survey of homeowners goes to show just how popular they are.
John Lewis Finance recently found that getting a new kitchen was the most popular property renovation among UK homeowners, with 22 per cent of homeowners planning home improvements saying they were planning this. This makes up a fairly large proportion of people as one in five people is planning some kind of renovation in the next six years, its survey showed.
Overall, the survey results showed:
- New kitchen (22 per cent)
Garden makeover (20 per cent)
3. New bathroom (16 per cent)
4. Extension (10 per cent)
5. Loft conversion (7 per cent)
6. Conservatory (5 per cent)
7. New home office (1 per cent)
8. Other/none (19 per cent)
Interestingly, many of these changes are shown to add value to your home, with a recent study showing that adding a new kitchen could add as much as 6 per cent to the value of your property.
With an average renovation cost of £8,000, the average increase in value could be as much as £12,438. Similarly, a garden makeover could cost £7,650 and lead to an increase of £15,548, a 7.5 per cent increase in the value of your property. A new bathroom could add 5 per cent of the value, with a renovation cost of £4,250 and an average increase of £10,365.
Extensions are perennially popular, and a single floor extension could increase the value of your home by as much as 11 per cent, though this will cost you in the region of £20,000. In a similar vein loft conversion can add as much as 15 per cent of the total value to your home, with an initial layout of £17,500 bringing in an increase in value of £31,096.
Conversely, the survey also asked people what they would invest in for their homes if money was no object. Topping the list was a swimming pool, with 26 per cent of owner occupiers saying they would install a swimming pool if they could.
This survey showed:
1.Swimming pool (26 per cent)
2. ‘Statement’ shed (11 per cent)
3. Library (9 per cent)
4. Home gym (8 per cent)
5. Games room (5 per cent)
6. Wine cellar (3 per cent)
7. Bar (2 per cent)
8. Tennis court (2 per cent)
9. Other/none (34 per cent)
However, experts warned that many of these renovations could actually decrease the value of your property.
Despite these very clear plans many homeowners have about their homes, many people sit on them for years and years without getting the works done.
Very often this is for financial reasons, argues John Lewis Finance. It’s a shame that so many homeowners aren’t getting around to these projects which many have been planning for year and years,’ says Mike Jackson, Director, Financial Services, at John Lewis.
‘Especially as they have said it would mean they would enjoy their homes more, or add value to their property.’