The number of homeowners choosing to improve their homes rather than move has risen fivefold since 2013, according to a study by insurance provider Hiscox. In the last five years the numbers are up from three per cent of households to 15 per cent – representing more than four million households in the UK today.
But why are homeowners choosing to improve rather than move? Well, a quarter of survey respondents cited high property prices as a reason to stay put. Even changes in stamp duty are not enough for some with 13 per cent believing the tax is still too much of a barrier to moving house, while the uncertainty of Brexit (8 per cent) and rising interest rates (8 per cent) also looms large for some.
Nevertheless, certain home renovation projects are extremely expensive too. For example, around 50 per cent of renovation projects are bathrooms or kitchens, which require a great deal of time, effort, materials and money.
So could you improve your home with a less costly upgrade yet still add value to the property? The answer is yes, by installing new windows.
Cost of new windows vs. property price increase
If you look at the UK House Price Index England for June 2019, the average price of a property was £246,728. The average cost of installing new windows on the other hand is just 2-3 per cent of this value.
Although a lot depends on the style, size and number of windows installed, cost-effective options such as uPVC means that every budget is catered for.
After installation, double glazing can add anything from 3 per cent to 10 per cent of value to a property. As a result, installing new windows is an extremely cost-effective home renovation project that will provide a great deal of value for money in the long run.
Save more money with energy efficient windows
Along with adding value to your home, installing new windows can also save you lots of money. This is because modern-day double-glazed windows are much more energy efficient than older alternatives.
In fact, double-glazed windows can retain 10 per cent more heat in your home, which means you won’t be using your radiators as much. 60 per cent of homeowners also claim that their homes are noticeably warmer since installing double-glazed windows.
Last but not least, double-glazed windows will provide better insulation in your home, reducing the risk of damp and condensation for a more pleasant environment.
Increasing the appeal of your property with new windows
What if you don’t believe that new windows will increase the value of your home? Surely potential buyers won’t mind that much and will see the potential of the property anyway?
Think again. Many estate agents agree that new windows can make your home more ‘sellable’, with a massive 80 per cent of home buyers surveyed by GoCompare stating that double glazing is a ‘must have feature’ when purchasing a property.
So there you have it. New windows will not only increase the value of your home, they can also save you money and help you sell the property in future.