25th March 2009
Renovation interest increasing
More individuals are looking to renovate rather than move during the recession, it has been claimed.
Stephanie Lee, sales designer at Avanti Kitchens and Bathrooms, has commented that many Britons are looking to renovate their property in order to boost its value during the economic downturn.
"People are deciding that they are going to stay where they are and they are going to renovate and, because they are not getting any interest on their money, they think they may as well spend it than save it," Ms Lee noted.
Meanwhile, homeowners should bear in mind that any alterations to their property could affect the home insurance cover and they should therefore consult their insurance provider before making any changes.
According to research commissioned by Lloyds TSB and carried out by Tickbox.net and Opinion Matters in October last year, 73 per cent of homeowners felt that installing an energy-efficient boiler in their property was the improvement which would have the largest impact on their home's value.
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