HOME RENOVATION BOOM CONTINUES

Start and Co have noticed that the home renovation boom of 2018 is set to continue into 2019. Builders and trades in Newquay and surrounding area are still very busy working on a variety of projects. We looked at a report from Houzz for more detail:

2018/19 is on track to be another solid year for home renovations, with almost half of homeowners planning to renovate their home (47%). Renovation activity and spend was strong in 2017, with 57% of homeowners renovating their homes, at a median spend of £15,000. Repeat homebuyers spend twice the amount of long-term homeowners and first-time homebuyers.

BATHROOMS AND BEDROOMS LEAD ACTIVITIES AND SPEND

Bathrooms topped the list of interior refurbishments for renovation frequency in 2017, with more than a quarter of renovating homeowners tackling bathrooms (29%), followed by bedrooms, kitchens and living rooms (29%, 28% and 27%, respectively). First-time and repeat homebuyers are more likely to take on kitchen renovations than long-term homeowners (34% and 31%, respectively, versus 26% of long-term homeowners). Kitchens were also the most expensive room to renovate, with a median spend of £11,000 for a large kitchen (more than 100 square feet), followed by large bathrooms (more than 50 square feet) at a median spend of £5,000.

MORE DELIBERATE PLANNING AND BUDGETING

Over the past two years, homeowners have become more deliberate in planning and budgeting for renovations and were eight percent more likely to set a budget in 2017 than in 2015 (79% and 71%, respectively).

CASH REMAINS KING

When it comes to funding renovations, cash continues to be the most popular form of payment (88%), though more than 10 percent of renovating homeowners use credit cards (15%). First-time homebuyers are more likely to finance their home projects with credit cards (18%) as compared with repeat homebuyers and long-term homeowners (15% and 16%).