Whether it’s sprucing up the bathroom or getting the decorators in, spring is a time to get those jobs done around the house – but home improvements can cost more money than you might think.
Research from NAEA Propertymark reveals 73% of homeowners have made improvements in the past five years, spending an average of £375 a year. But with many prepared to splurge on a new kitchen or conservatory costing thousands of pounds, we asked our readers what they are willing to pay to freshen up their home.
A recent poll of more than 800 Moneywise.co.uk readers showed more than a quarter (28%) would be willing to spend over £1,501 on home improvements, which is four times the average spend cited by NAEA Propertymark.
Meanwhile 20% of readers would pay between £376 and £750 and the same again would consider spending between £751 and £1,500.
For many, the higher cost is less about choosing to spend more and instead a result of the expensive costs of materials and services for maintaining or improving a property.
As one reader points out: “I'm always amazed, when watching TV programmes like Homes under the Hammer, at what people can apparently achieve on such tight budgets. My own experience of what it costs to do relatively minor improvements/maintenance is quite different.”
Highlighting their own experience, another reader adds: “I, too, cannot believe the figures we get presented to us at the end of these shows. I am just refurbishing a 1960s bungalow and am ‘haemorrhaging’ cash like there's no tomorrow!”
Not everyone, however, is willing to splash out on improvements, with 16% of respondents claiming they spend less than £375 on renovations and 7% choosing not to spend anything at all. Meanwhile, the high proportion of renters in the U, means an unsurprising 9% of respondents do not pay for improvements as they do not own their own home.
Thanks to the 827 people who voted. Please take a moment to vote in our new poll, which asks: Will you save into an Isa in this tax year?