Rising house prices and market uncertainty mean more homeowners are transforming their current property into their ‘forever home’ rather than moving house.
As many as 86% of homeowners decided to make improvements according to a survey by LV= General Insurance, with the most popular make-over being redecoration.
But a revamped kitchen and landscaped garden also proved popular ways to upgrade current homes to attain ‘ideal’ home status.
Heather Smith, managing director of the LV=GI Direct business, said: “When looking to buy a property, especially one where you intend to stay put, it’s important to consider which factors are most important to you.
“With house prices continuing to rise and uncertainty in the market, our research shows that the vast majority of homeowners are choosing to renovate their current property to create their ‘forever home’.”
Factors which make a ‘forever’ home
A ‘forever home’ is considered to be the property somebody intends to live in indefinitely – it’s something people, on average, think they will buy when they are 49.
However, in LV=’s survey the average age at which people already in their ‘forever home’ bought their property was in fact 41.
When it comes to the factors which make a forever home, garden was most important with 59% of respondents. Other elements which were essential in creating the perfect home were the number of bedrooms, access to amenities and parking spaces.
Being close to good transport links also proved important with a quarter of those quizzed.
For anyone interested in finding out when they might stand of chance of having their forever home, LV= has created a tool to help you calculate this based on the region in which you live.
Insurance
It is also urging anyone considering making major improvements to their home to remember to let their home insurer know so the level of cover can be adjusted accordingly.
Smith added: “Renovations can take up a lot of time and money, and with your home being your most valuable possession, it’s important to have the right protection for your home and its contents.
“We’d encourage people to tell their insurer about any planned structural work, such as an extension, loft conversion or new roof, to ensure that cover is in place.”
