Well-thought renovation projects are a sure-fire method to increase the market value of a home. Homeowners can choose from an array of projects such as replacing outdated fixtures with modern ones, adding an extension to their home or seeking for ways to improve the sustainability of their property. A little creativity can take you a long way when it comes to improving the curb appeal of your home.
Home improvement projects have always been quite popular in the UK. The COVID-19 pandemics did nothing but increase the appetite of many people for new renovation and refurbishment projects. According to specialist surveys, over 60 percent of homeowners are willing to take a second mortgage to finance a home improvement project. This percentage means that over six in ten people would be willing to borrow money from banks only to improve their living conditions.
I have the opportunity to cooperate with lots of real estate brokers, landlords and property inspectors, so I can safely say that I know a thing or two about this market. In my opinion, the UK in currently experiencing a true renovation and refurbishing revolution that will raise the quality standard bar for all other properties available on the market. Also, it will speed up the post-pandemic recovery of our country.
Increasing Demand for Home Improvement Projects
You may be wondering why homeowners have such an appetite for improvement projects when we can’t even see the light at the end of the tunnel just yet. As a matter of fact, this increasing demand for home improvement such as secondary glazing and it is a direct consequence of the cOVID-19 pandemic that has sent all of us to quarantine for such a long time.
Since the end of March 2020, the UK has actively implemented social distancing measures. The official lockdown in the UK has shut down the majority of commercial enterprises and offices. While this was a nuisance in the very beginning, with time, employees have made a successful transition to working from home. Some businesses have experienced an “aha” moment when they realised how much work can be accomplished online.
This was the first time when business owners understood that many jobs were perfectly suitable for the new work-from-home conditions. Employees were able to do their job without the need to be physically present in an office. Many leaders started to question whether they should actually downsize their offices and allow most of their employees to work remotely even after the pandemic.
The Financing of Home Improvement Projects
Market Financial Solutions have been actively working with homeowners willing to renovate, refurbish or extend their homes, in order to find the right type of financing for each and every one of them. Apparently, some of them have difficulties in getting the needed financing for their projects.
Banks have become pickier in regard to approving loan applications. Also, due to the sheer volume of paperwork, these applications have become more cumbersome to process. This is why all people willing to undergo renovation projects in the close future should first ensure that they have the financing already approved. Specialist finance providers are better than mainstream lenders, as they are willing to cater to the specific requirements of constructions projects.