From Kitchens to Outhouses: How to budget for home renovations
During the course of lockdown, 48% of Brits undertook home renovation works with home offices, built-in gyms and overall aesthetics taking the lead. Because restorations can vary from general aesthetic works or physically building an extension, it is crucial to calculate costs and set aside a realistic budget to achieve this.
New national research by Powered Now – a field service management software for the trades – has dissected the exact home improvement projects that Brits have undertaken in the past year. The research also reveals that the total spent by British consumers on home improvements has amounted to £110.3bn, signalling an increase in expenditure by 29.7%, with Brits have spent an average of £2,011 per person on home refurbishments.
What are we building?
Rebuilding or reconstructing rooms or areas in your home can significantly enhance not only the aesthetics, but can also improve its value, if it is carried out correctly. In order to ensure the restorations are actually adding value to your property, Brits are heavily encouraged to hire a tradesperson to safely complete the works.
Painting and redecorating were the most popular forms of restorations, with over five million Brits employing painters and decorators to revamp their homes. Research by Checkatrade suggests that the average cost of painting a four bedroom house can total up to £3,600. Furthermore, over three million Brits hired a tradesperson for bathroom improvements during lockdown, but how much do you need to put aside to achieve your renovation expectations? It is best to budget around £1,500 to £7,500 for full bathroom remodelling, including the purchasing and installation of materials.
Kitchens are undoubtedly a vital area in the home for bringing families together, whether this be to cook, to have dinner or to simply socialise, kitchen renovations and replacements were also very popular in the UK. Over 2.7 million Brits hired a tradesperson to spruce up their kitchens, and depending on the size and type of restoration, you can find yourself spending up to £8,000, although this can exclude purchasing and installing appliances, and even eliminating old kitchen units.
With roofs exposed to weather and other elements that can deteriorate its condition quickly, regular maintenance of roofs is important to ensure their protective qualities are intact. Powered Now’s research highlights that 14% of Brits (2.9 million) had undertaken a roofing job, spending an average of £170 per roof tile replacement. The full costs of a roof restoration to ensure proper insulation can cost up to £20,000.
According to independent research by Checkatrade, the most common purposes for home renovations over the lockdown period were for Shed Offices, Home Cinemas and Snugs. Due to periods of prolonged isolation, home comforts were clearly the key for many Brits to battling the difficulties of isolation. This was further highlighted through Powered Now’s research that uncovered that home aesthetics had a great importance to Brits.
Key Stats:
Brits spent £110.3bn on home improvements over the course of the pandemic
23% of Brits (5,055,000) employed painters and decorators
19% of Brits (4,177,000) employed a tradesperson for wiring and electrics job
15% of Brits (3,229,000) employed a tradesperson for a bathroom improvement/renovation
14% of Brits (3,115,000) had a landscaping project during lockdown
14% of Brits (2,936,000) had undertaken a roofing job
13% of Brits (2,765,000) had employed a tradesperson for a kitchen replacement/renovation
7% of Brits (1,513,000) had hired a tradesperson to build an outhouse/shed
4% of Brits (818,000) had a tradesperson/builder for an extension
3% of the UK (696,000) had a home gym installed by a tradesperson
Ben Dyer, CEO of Powered Now, discusses how the enhanced demand for renovations over the last year has affected the trades.
“The news that consumer spending is through the roof directly correlates from what we have seen on the ground. As Brits are hoping to enhance their homes, we have witnessed tradespeople experiencing their highest client demand ever during the course of 2020, and these figures are very much in line with what we actually would have expected. If you look to the hardware retailers that were allowed to remain open when other non-essential retail wasn’t, they have performed so incredibly, further indicating the desire people have had for home improvements.
Whether people are looking to renovate for their own preferences, for after their home moves, or whether potential sellers give a new lick of paint to try and squeeze any additional value to their house, tradespeople have been inundated as a result. Despite the initial lockdown bringing the industry to a standstill, the economic bounce-back has been quite remarkable.”