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Don’t move home – extend! How a kitchen makeover will save you money
Don’t move home – extend! How a kitchen makeover will save you money
Research by Sainsbury’s Finance has shown that most Britons would rather extend than move home in the current economic climate
Milton Keynes,
UK,
United Kingdom
(sardnews.org)
06/11/2012
Research by Sainsbury's Finance has shown that most Britons would rather extend than move home in the current economic climate.
As a result of installing new kitchens, bathrooms, conservatories, loft extensions and general decorating, one in five personal loans are being issued to homeowners wanting to improve their home and add value.
The current state of the housing market means that people have been discouraged from moving. Mortgage borrowing is still very difficult to obtain, and the deposits required even to move up the property ladder are difficult for savers to achieve. The cost of moving includes at least around £7,500 in stamp duty for a property over £250,000 on top of the large deposits required. Instead of moving, people have been channeling their efforts into improving the home they are in.
Approximately £3.2billion worth of personal loans were taken out last year for home improvements alone, and this year is set to be similar.
Last year home improvements accounted for 20.2 per cent of the total value of personal loans taken out, although the average borrowing for this purpose alone has fallen from £8,827 in 2010 to £8,318 perhaps a sign of the cost conscious frame of mind that homeowners are currently in.
The cost of a new kitchen will improve the value of your home by approximately £5,000 and with kitchen makeovers offering kitchen facelifts at the fraction of the cost of a total renovation, people are able to get much more for their money.
KitchenSMART offer low cost, fast, professional kitchen makeovers. David Ball from kitchenSMART says:
"With the cost of living sky high, and people currently unable to move, the best option for those looking for a new kitchen in their home is a kitchen makeover. This is less expensive than a complete renovation, and the cost of this work falls well under the current average loan amount that is being taken out by home owners. A kitchen makeover will give your kitchen a new fresh look, with high quality materials and is DIY's best kept secret."
Notes to Editors
KitchenSMART offer a complete kitchen solution from a simple door change to the design and installation of a complete new kitchen. To find out why replacing kitchen doors is a low cost way to a luxury kitchen click here. The installation of your kitchen facelift focuses on replacing doors, drawers, panels, kickboards, cornices and worktops whilst retaining your existing kitchen cabinets
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About KitchenSmart UK
KitchenSmart offer a complete kitchen solution from a simple door change to the design and installation of a complete new kitchen
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