Homeowners spend £11k on upgrades to avoid moving costs

Homeowners spend £11k on upgrades to avoid moving costs New research shows UK homeowners are choosing to renovate their homes instead of relocating - helping save on moving costs. Homeowners would rather renovate than relocate - with factors such as costs and emotional ties keeping them rooted to where they are. A poll of 2,000 property owners found only one in five (22%) would now prefer to move than make their current home work for them. As many as 75% have thought about renovating their home to make better use of the space, and 58% believe upgrading is far more cost-effective than starting fresh somewhere new. The average ‘space stretcher’ -those who have adapted their existing spaces to grow with their evolving household needs - has spent £11,844 on renovations, but estimate they have made savings of £22,106 compared with moving somewhere new. According to the research, 21% have invested in loft conversions for additional living space and 11% have created specific areas for hobbies. More than a third have created multi-purpose rooms, such as a ‘guest room office’. Laurence Llewelyn-Bowen, who has teamed up with Interior Designer Laurence Llewelyn-Bowen to meet two households who have adapted their homes in inventive ways to match their changing needs. Laurence said: “Having split my own home into three separate living spaces, my family set-up has taught us a lot about squeezing every inch out of your space and finding imaginative ways to make it work for everyone. “People often see it as an unconventional approach, but it’s actually how most families functioned before the 20th century, so I’m inspired to see so many people re-discovering this way of living. “What becomes clear very quickly is that having multiple generations under one roof affects more than just space, it changes how you use energy too. “I’ve found that a smart meter is a brilliant way to see how these patterns shift, helping everyone make small, mindful changes that can bring greater peace of mind.” It was reported, 40% of ‘space stretchers’ have included energy-saving measures as part of their home improvements, the most simple swap was getting a smart meter installed (77%). Nearly six in 10 (59%) of those who have done this said it helps them better understand and manage their energy use in their newly adapted spaces. Other popular upgrades include fitting loft insulation (68%), LED lighting (67%) and solar panels (28%). Installing these measures was driven by a desire to save money on energy bills, according to the OnePoll.com data. Victoria Bacon, from Smart Energy GB, added: “Adapting your current home can be a helpful alternative to avoid higher moving costs, while adding long-term value and future-proofing it. But when your living space changes, the way you use energy can change too. “Smart meters are available at no extra cost from energy suppliers and give households a simple way to keep track of their energy usage as their home evolves. “Most homes in Britain now have one and they’re available from your energy supplier at no extra cost."