Home makeovers top New Year's resolutions
According to our latest survey, home makeovers will be all the rage in 2007 as re-decoration tops the New Year’s resolutions list.
The survey reveals that the majority of home owners are keen to make some home improvements in January, but on a budget.
Ranking of resolutions that are definitely on respondents' New Year list | ||
| Ranking | Resolution | % of respondents |
| 1 | Re-decorate the house | 32.7% |
| 2 | Improve energy efficiency | 27.3% |
| 3 | Garden Makeover | 19.7% |
| 4 | Buy a bathroom | 19.3% |
| 5 | Buy a new kitchen | 17.2% |
| 6 | Re-mortgage | 14.2% |
| 7 | Move in with a partner | 12.7% |
| 8 | Build an extension | 11.9% |
| 9 | Buy a second property | 11.0% |
10 | Improve security | 10.1% |
| 11 | Move the children out | 4.1% |
| 12 | Move the parents in | 4.0% |
Cosmetic Enhancement
Topping the tables as the most popular home improvement to undertake in January is re-decoration, with 33% of respondents determined to make the changes. Money is often tight in January and a lick of paint is the quickest way to brighten up a home on a budget.
People seem keen to improve the aesthetics of their home in 2007, with garden makeovers, new bathrooms and new kitchens all in the top five “must do” things for the New Year.
Warren Bright, propertyfinder.com's Chief Executive Officer said:
After the Christmas lull, the property market kicks off in January - 19% of those surveyed said they planned to sell their home in 2007. Freshening up the house and garden can maximise your chances of making a quick sale. A fresh coat of paint can do wonders in helping to appeal to buyers, and is obviously the most economical way to make over your home. Most gardens look a bit of wreck in the winter, but it’s a good time to lay a new patio or do some landscaping ahead of the Spring – that’s when gardens look their best and the housing market is at its busiest.
Going green or saving pennies?
Second on the list of people’s most popular resolutions were plans to make their homes more energy efficient, with over 27% of respondents saying they definitely will, and almost 39% saying they were likely to make the changes.
75% of people would improve energy efficiency in their home to save money on their fuel bills, as opposed to just 26% who would be motivated by helping the environment. 48% of people answered that they would make their home more energy efficient in order to increase the value of their home.
Remortgaging to find a cheaper deal came next on the list after all these improvements – as homeowners were again motivated by a desire to save money.
Warren Bright commented:
With energy prices still sky high this winter people have resolved to make their home more energy efficient in the New Year. Other than the usual double glazing and loft insulation, lesser known energy saving methods - such as cavity wall insulation and under-floor insulation can save your bills and are comparatively cheap and very easy to install. Taking energy saving measures can add significant value to your home too.
How much do we spend?
The median budget for Britain’s homes in 2007 is £3,774, although almost a third (31.6%) said that they would not spend more than £2,000 on improvements.
Money matters could spark trouble between the sexes, as men and women have very differing ideas about budget. Whilst only 21% of women would be willing to spend over £10,000, nearly 30% of men would. However, although men are willing to spend more money on these improvements their female partners seem to control the purse strings. Those who are married or live with a partner are much less likely to spend large amounts of money on January home improvements than those who live alone.
Warren Bright concluded:
Although very many people plan to change how their homes look in 2007, very few plan to change who they live with. Moving in with a partner, expecting children to fly the nest, or taking ageing parents in all feature very low on people’s list of priorities for 2007.
Looking to renovate? Read our Top 10 useful sites.
