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22nd September 2017
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Space and light: key trends for 2015
Modern British living is about embracing space and light, reveals new research commissioned by Direct Line Home Insurance, which identifies the latest building and renovation trends. Researchers surveyed builders and tradesmen directly, to understand the latest trends in property works and redesign to identify the changing face of Britons' homes.
Nearly half (47%) of builders reported extensions as being the most popular trend for home improvements. With the average difference in asking price between a two and three bedroom home in London of £157,202, while the average bedroom extension cost is £35,000, it is no wonder people want to expand and add value to their properties.
The asking price difference in Scotland between two and three bed properties is still £45,949, reinforcing that home owners can potentially make a hefty profit by extending their existing property.
With one in seven (15%) builders reporting access to light as the most common current trend in home remodelling, householders are continuing to install large bi-folding doors, replacing exterior brickwork or fitting new skylights to make rooms appear more spacious.
Homeowners looking to create space by converting their lofts should be wary, however, as builders reported this as the type of home improvement is most likely to go wrong (36%). Changing bathrooms (26%) and kitchens (19%) are also likely to cause problems.
It is good news for homeowners though as the majority (70%) of property improvements tend to be completed within the budget and timeframe originally quoted. Builders estimate that only a quarter (26%) of projects tend to run beyond the original budget quoted and a third (35%) run over the originally quoted timeframe.
When asked what advice they would give homeowners, builders stressed the importance of taking the time to plan exactly what they want to achieve, to thoroughly research the builders they plan to use beforehand and get a minimum of three quotes.
Other useful top tips from builders include:
* Agree a quote beforehand - set aside a strict budget but allow a contingency in case of overspend to mitigate financial strain
* Agree on a realistic timeframe upfront and remember to allow for contingencies i.e. weather
* Make sure you understand what the project involves and be completely honest about previous work done to the house so builders can be prepared
* Keep up regular communication with the builders
* Have a contract in place to cover both parties and never hand over payment upfront
* Use the same labourers from start to finish to ensure consistency
* Make sure the builders are only working on your job and commit to working on it every day, rather than turning up as and when they decide to
* Check your builder has the right insurance in place before any work begins
Katie Lomas, head of Direct Line Home Insurance, commented: "Extending homes or converting rooms to add light and space can add real value to a property, so can be worth the investment. With the rising cost of house prices making it expensive to move, home improvements are a popular way to improve your living situation without breaking the bank.
"Homeowners should take note of the advice provided by builders, as spending a bit of extra time ensuring that they have an agreed plan and budget in place may significantly limit stress levels further down the line. Having good home insurance is important, as improvements and changes to your home can impact your policy. Make sure you inform your insurer of any improvements you are planning before you make them, as you may need to increase your cover or abide by additional exclusions, for the duration of the building work."
29th May 2015