Half of householders would fairly fork out on renovation than transfer
Over half of homeowners are choosing to ‘improve not move’, splashing out on their current property rather than purchasing a new one.
A survey of 2,000 property-owning adults revealed that 41% ‘love’ their home, resulting in 53% wanting to modify it to meet their evolving needs.
The primary motivation for people considering a move is the concern that their home may not cater to their mobility requirements as they age.
Of those surveyed, 15% have mobility issues – with climbing the stairs, getting out of bed and reaching high shelves being the main challenges faced.
The study discovered that the average homeowner has resided in their property for around 15 years, with comfort and familiarity being key factors for 53% who view their current residence as their ideal dwelling.
Sam Stannah, CEO of Uplifts, a home lift manufacturer that commissioned the research, commented: “Clearly, many people love the homes they live in – but there’s an acceptance that life can change in a heartbeat.”
“We all cherish our homes, the research confirms this – however, what’s truly eye-opening is the level of anxiety that arises when we consider if the home we love today will continue to meet our needs in the future.”
(Image: SWNS)
He addeD: “The findings have shown homeowners are very much aware they might have to make a decision to move home or renovate to meet their changing mobility needs. But also, there are plenty of owners on the ladder who don’t feel their current property quite matches what they want in terms of space and location, currently.”
It has been revealed that 61% of people believe their current home is spacious enough to accommodate any changes should their health needs alter. Furthermore, 41% had already taken these needs into account when buying their property.
However, only 9% of all adults have considered installing a home lift as a realistic option to assist with mobility between floors.
Checkatrade suggests that the average cost of a house extension can range from £30,000 to £42,000, which is more than double the average amount respondents are willing to pay to meet changing needs – £14,000.
Apart from the stress of relocating, mortgage lender Halifax estimates that the cost of moving house, including stamp duty and conveyancing, can reach £12,000.
Sam Stannah, added: “The research indicates many people believe installation of products to improve their home may feel out of reach. And as a result, the heartbreaking decision of having to leave a beloved forever home can become a reality for many. However, installing a home lift can be done without disrupting the layout of a home or requiring invasive or costly work.”
Ultimately, declining health and downsizing were the main reasons respondents would consider selling – if they were forced to.
But those who are eager to move said the area they currently live in, having too many things to fix and their current rooms not being big enough were the top motivations to list it.
TOP 10 REASONS THEY CONSIDER THEIR PROPERTY THEIR ‘FOREVER HOME’
- Comfort and familiarity
- Ideal location
- Suitable layout and size
- Community and neighbours
- Safety and security
- Adequate facilities and amenities
- Memories and history
- Emotional attachment
- Privacy
- Low maintenance
