Approximately 45% of United Kingdom inhabitants have decided to renovate their houses in the year ahead. It will be 55% which is about half for those homeowners who own up to £250,000 net assets.
In recent research of Selina Advance, 22% of renovation places are on top priority. These include driveways and paving, hot tubs and pool renovation, also landscaping.
In reality, the main driving factor regarding house renovations is Curb Appeal. In recent years, homeowners have renovated their houses good and best among their surrounding friends and neighbours.
According to the survey of Fintech Selina Advance, besides the improvement of other places, up to 3 million British, which make up 9% of the total percentage, prioritize the improvement of their bathrooms.
After this, the second top priority in the renovation lane is kitchen extension which is about 6%. Moreover, 1.3 million people decided to improve the smart technologies installed in their homes.
Another 4% of homeowners have decided to give a more sustainable look to their house. For example, they require installing solar panels.
Furthermore, the Selina Advance report has found that up to 55% (Half homeowners) confirmed their home renovation last year. About 69% of them are those who are living in London.
The Co-founder, namely Hubert Fenwick, had stated in the Selina Advance: “During the COVID lockdown, many of us pay heed to our home, and it makes us think and do something different in our house.
This consideration makes us inspirational regarding home renovation, which includes how we need to operate, feel and look like our houses. In this way, many of the homeowners benefit from HELOC. It provides them with more affordability and flexibility. ”
According to the research of Selina Advances, they estimate that more than half of the homeowners, which make up 26%, have considered the use of credit for home renovation funding. On the other hand, about 22% of homeowners do not use safe credits but loans and credit cards.
Just like this, among homeowners who are going to plan for home renovations in the year ahead, 32% of them will use unsafe credits such as loans, 10% remortgage or credit cards.
On the other hand, four in ten of those homeowners who own higher assets like more than (£250,000+) have plans to use secure funding methods.
Mr Fenwick stated: “Every third homeowner said that they would borrow funds for home renovation. But we know well that it is quite expensive, so the Home Equity Line of Credits-HELOCs will offer a novel method of home renovation.
But this is for those who do their best to make equity in the property. It able them to get a loan with reliability, flexibility and responsibly.” HELOCs is one of the reliable ways the owner can use and get the advantage of accessing money at the time of need and have to pay interest only on that cash the homeowner utilizes.
