As the housing market slows, more Brits are choosing to make the most out of their current homes, new research from Sainsbury's Home Insurance reveals.
According to the study, a fifth of British homeowners plan to undertake major structural changes to their properties in the next 12 months. The research also showed that the average amount spent on DIY per household is £17,361, although nearly a fifth of those planning a revamp intend to spend more than £20,000.
With this in mind, Sainsbury's Home Insurance
advises homeowners to check their home insurance
before carrying out any major works, particularly if the property will increase in size and value. The research found that a third of people intending to make-over their property were not aware that they should notify their insurers prior to carrying out the work.
As mortgage criteria tightens it seems current home owners are more interested in expanding their current lodgings than running the gauntlet of the property market as it stands today. The most popular home improvements according to Sainsbury's Home Insurance are conservatories and roof or loft conversions.
Commenting on the renovation revolution, Neil Lard, home insurance manager at Sainsbury's Finance, said: "In the current housing climate, creating extra space in your home is another option for those who have maybe decided to put their plans to move on hold.
But, as building insurance
premiums are calculated based on type of house, for example the number of bedrooms it has, creating extra rooms can have an impact on your premium even if you have unlimited cover.
"We want to make sure that homeowners are aware that they could be left underinsured or even invalidate their insurance entirely in the event of an incident during or after the works if they have not informed their insurer first." He warned.