Showing your age
According to recent research, style-conscious 20-something homeowners spend more money than any other generation doing up their homes.
But we all have a tendency to make particular types of home improvement at different stages of our lives.
Today’s homeowners stay in their homes longer than people did 20 years ago, mainly due to the high cost of moving.
Seven to eight years in the same house is pretty much the norm these days, leaving plenty of time to make improvements.
The reasons for choosing a property have also changed over the decades, with more of us willing to rent or buy a property on our own because we marry later, the divorce rate is higher and because women generally outlive men by a considerable amount of time.
Work is also a factor in today’s house buying trends. With more men and women working than ever before, many buy a home with a smaller garden that needs less maintenance.
And with an increasing number of people working from home, there is more demand for extra space to create a home office.
Independent research carried out on behalf of the Federation of Master Builders, found that UK homeowners spend an average of £2,000 a year on cosmetic home improvements, with less than one in 10 fixing the all-important basics.
But our choice of how to spend home improvement funds is greatly swayed by the age group to which we belong.
- This age group is more aspirational than older generations and keen to add value and create a stylish look for their homes.
- Given unlimited cash, half of homeowners in their 20s would install a new kitchen, conservatory, loft extension or redecorate their house – far higher than any other generation.
- However fewer than one in ten would spend their cash on re-wiring their homes or having their gutters fixed – something far more popular with the 50 and 60-year-olds.
- In their 30s and 40s, when children often come first, homeowners have more practical priorities.
- Top of the list came extensions and loft conversions followed by a new bathroom, and kitchen.
- 30-somethings do still have some desire for non-essential improvements, including decking, a new patio and a new design for their garden.
- In search of more space without moving house, those in their 40s put loft conversions and extensions at the top of their lists.
- New kitchens, bathrooms, perhaps en-suites and smartening up the exterior are also top choices.
- This age group is most likely to spend on replacing the kitchen and would spend the most on garden decking and replacing worn out carpets.
- In terms of building work, the most popular choices are conservatories, new kitchens and bathrooms.
- As people approach retirement, they are more likely to spend money on maintaining the fabric of their homes, investing in a new roof, replacing leaky gutters, installing new windows and doors and sprucing up the exterior with a new drive or patio. They are least likely to add space with a loft conversion.
- Warmth is an important issue, pushing new boilers and radiators high on the list.
Whatever age you are, or whatever stage you are at, we would love to talk to you here at Sherratt Builders. We are a local building firm covering Shropshire and Mid-Wales and you can reach us for an informal chat on 01743 791815 or 07786 268435.