While we stayed stuck in our homes during the lockdown, we realized how we never paid head to our living environment. More and more people are treading ahead with their home improvement projects to equip their homes for a second wave. Should you too consider improving your home during COVID-19? ⭐Home Improvement ⭐Money Management
COVID-19 has made us spend more time at home than ever. Ever since lockdown 2.0, people fear that the situation may not change any time soon. Thus, a huge number of Brits are advancing their home improvement projects, to prepare themselves in case a second wave hits home.
The Government has rolled out several guidelines for people’s safety. So, if your home improvement plans are underway, read on to find out if how you’ll have to go through with them.
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Representative example: If you borrow £3000 over 36 months at a Representative rate of 47.8% APR and an annual interest rate of 39.7%, you would pay 12 monthly installments of £143.84. The total charge for credit will be £2178.24 and the total amount payable will be £5178.24.
How COVID-19 is impacting home improvement plans in the UK
As per research, close to one-fifth of homeowners will push their home improvement plans sooner rather than later, to tackle the second wave of COVID-19. Over 18% of homeowners are prioritizing their home improvement projects, while 81% said they won’t postpone because of the second wave. Brits want to incorporate elements that add value to their homes, to help them survive the second wave. This seems like a natural reaction to the inconvenience caused by the first, sudden lockdown declared earlier this year.
Moreover, a lot of us inculcated and embraced new habits while at home – DIY gardening, home office projects, etc. The pandemic has transformed the way we live and work, as we’ve had to mold our lifestyle around it. Most people want to go through with the home improvement projects to accommodate these newfound needs. We have high hopes that the guidelines issued by the Government will allow home improvement projects to sail smoothly.
Impact of the home improvement surge: The UK market
Powered Now’s survey revealed that 15% of tradespeople feel that the construction and trade sector is likely to experience a rise. As per a report released by The Office for National Statistics, the sales of household goods and DIY paraphernalia have spiked by 9.9%. The construction sector is benefiting from the increasing prevalence of home improvement.
Over the last few months, The UK construction indexes have seen a significant rise. The construction sector has set out on its path to recovery from the financial turmoil caused by COVID-19.
How much are the Brits spending on their home improvement projects?
A recent report accounted that the UK homeowners have invested an average of £4,035.70 each, on home improvement/refurbishment. Now that working from home is the order of the day, Brits are spending more on creating the perfect environment that fits their humble abode.
Over 24%, who intended to use their money to finance their holiday, are now funding their home improvement projects with it. Meanwhile, 26% of Brits used their overall savings to finance home improvement. 4% who planned to use their savings for their wedding, used the money to enhance their homes instead.
Where people are taking on home improvement projects to nurture their newfound habits, 27% of homeowners are doing it to add value to their homes. Video conferencing giant Zoom has incited this change in people’s mindsets. Over 40% of Brits admitted to being embarrassed by the condition of their homes over Zoom video meetings. To save themselves the ‘Zoombarrasment’, Brits are investing more in home improvement and décor.
The advent of the pandemic and the lockdown restrictions resulted in a phase of financial turbulence for people. Many were put on furloughs, while some lost their jobs altogether. Given the ongoing crisis, one would think twice even before spending a single pence. However, a whopping 65% of homeowners plan to finance home improvement and renovation projects before the second-wave strikes. This change in trend can be attributed to the lifestyle changes caused by the pandemic. Now that people will spend more time indoors, they want to make the most out of it.
Close to three-quarters (73%) of homeowners stated that they might switch to this new lifestyle for good, even when the lockdown restrictions ease down. This increased inclination towards investments in home refurbishment projects is indicative of a new trend that might prevail in the future.
If you have a plan panned out for your home improvement project, you may need to balance your expenses. Since this is an expensive change, you may have to give up some short term expenses to yield long term profits. Renovation projects can take a toll on your finances, so be careful with what you spend on. Ensure that each element you add proves its worth by adding value to your home.
What are people planning to add to their homes?
These unprecedented times have invoked a sense of awareness in us. While we were lost in the routine of life, we barely paid attention to our living space. Even major changes went unnoticed. As we spent more time at home, we paid more attention to the lack of maintenance of the social elements in our homes. For instance, how often did you plant a new seedling in your garden?
As we made it through the first lockdown, we’ve come to realize the value these elements add to our homes. Social areas such as a garden studio, a well-designed porch/patio, a leisure area, or an outdoor pub, add a hint of escapism to your home. It is anticipated that in the upcoming times, these areas will be seen as assets rather than items of modernity. Not only will this add oomph to your property, but also increase its overall value.
Now, here’s what the Brits are planning to invest in:
- 34% of the Brits stated that they wanted a garden studio.
- 21% said they would build a greenhouse or a vegetable patch.
- 14% plan on making an outdoor pub.
- 17% prioritized fitness and said they want an indoor gym.
- 16% stated they want to create a peaceful home office.
Here are some safety guidelines to follow
You shall not compromise your safety for your home improvement project. Here are some guidelines for contractors and workers working at your residence:
- Maintain proper social distancing – at least 2 meters of distance.
- The tradesmen must adhere to sanitization guidelines inside and outside the premises.
- Wear a face mask to stop the spread of the virus.
- They must confirm that they don’t exhibit any COVID-19 symptoms.
- They need to wear protective gloves for safety purposes.
Other suggestions include sanitizing any surfaces that they come in contact with. Homeowners should refrain from offering beverages or food to the workers.
Thus, as long as you take proper sanitization measures, you won’t face any major issues while improving your home during COVID-19.
