What Are Your Renovation Plans for the Year Ahead?
Are you moving or staying put, cancelling renovations or forging ahead – and, if so, with what type of project?
The new Houzz Homeowner Activity Study* of almost 1,000 UK-based homeowners, conducted between late August and September 2023, provides a fascinating insight (and some surprises…). Read on for the highlights.
Despite challenging economic conditions, almost half of the homeowners surveyed said they planned to kick off renovation projects this year (49%),
Moreover, a quarter of respondents (26%) completed a project in 2023 and more than half are either in the middle of a renovation (35%) or are planning to start one by the end of next year (26%).
However, nearly one in eight homeowners have put their home renovation project on hold (12%).
The top reasons for postponing projects include budget constraints, inflation and a lack of project urgency (34%, 33% and 28%, respectively).
Just a tiny proportion – less than 1% – have cancelled a home improvement project in 2023. “Faced with inflation and rising interest rates, many homeowners have been forced to re-evaluate their ability to pursue immediate improvements,” Houzz staff economist Marine Sargsyan says.
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The standout statistic from the whole survey was probably around the question of moving versus staying in your current homes and renovating.
More than half the respondents (56%) said they wanted to stay put rather than buy a new home that fits their needs.
And the reasons? They are pretty much straight-up financial ones across the board. Some commented that renovating is a better return on investment and more affordable than moving (23% and 20%, respectively) and 6% said that their current interest rate was better than what they’d get if they applied for a new loan today.
While many of you are happy to stay put, you’re still keen to make improvements. Interestingly, it’s not the classic – and financially significant – rear extension or loft conversion that you’re undertaking. Almost two thirds of you (62%) are opting to work with the existing internal footprint. In the same vein, 42% of you are decorating.
Just 29% of you – a decent but notably smaller number – are extending.
Where projects are going ahead, over half of those planned for 2023 have or had a budget of more than £50,000 (61%), and roughly one in six projects has or had a budget of £100,000 or more (18%).
Which parts of your homes are you keenest to upgrade? More than half of you are focusing on your kitchens (58%) and bathrooms (55%).
To tackle these substantial projects, 91% plan to hire a professional, including builders (52%), electricians (45%) and kitchen and bathroom fitters (42%), among others.
More: How to Start a Kitchen Renovation
Perhaps with our minds still on the cost of living, it’s interesting to see that a very significant 45% of you are upgrading heating systems, while another 45% are improving glazing, perhaps thinking of the 18% of heat lost through windows in the average UK home.
Of those who completed their projects, top challenges included finding the right professionals, sourcing products and materials, and staying on budget (53%, 36% and 29%, respectively).
Other commonly cited challenges included having trouble visualising the project before work began, not feeling educated on the process, and how to finance the project (20%, 19% and 16%, respectively).
If any of that sounds familiar, it’s worth knowing that Houzz Pro software helps professionals to deliver better customer experiences through visual tools, schedules and transparent communications to address these challenges. Why not ask your pro if they’ve signed up?
* Data was sourced from an online survey fielded to UK Houzz users between 24 August and 5 October 2023. N=978.
Are you planning improvements for your home this year? Let us know in the Comments.