Millennials have surpassed the price of creating their dream home
Gen Xers (41-56) have emerged from the pandemic as the age group most likely to renovate their homes, according to new data from Quotezone.co.uk.
Before the pandemic, the average age of home renovators was 37, but it has now risen to 49 in 2022, post-pandemic – although the change is not necessarily the result of growing disinterest from younger generations , but more likely a matter of cost.
It is well known that back-to-back closures have caused an increase in renovations from all age groups as people have spent more time at home. However, the rising cost of building materials and the shortage of skilled workers and materials, such as wood, plaster and steel, have driven up the price of home alterations considerably. Although product availability has improved, material prices have risen nearly 25% this summer* due to a combination of price inflation, rising energy prices and the conflict in Ukraine.
These rising construction costs, coupled with the cost of living crisis, have made it difficult for young homeowners to attempt renovations. However, as many continue to feel the pressure, Quotezone.co.uk shares savings tips for those looking to transform their home:
- Three is the magic number: Avoid settling for the first price offered. Make sure multiple vendors have reviewed the work before a big project to help the budget go further.
- Do it yourself: Be realistic about your skills before identifying what you can do yourself and what you need to outsource. The right balance could leave you with a professional finish and a project under budget.
- Split the bill: You’ll save on some fixed costs if neighbors do similar projects at the same time, so it’s worth researching who’s doing what in your area, like stretching along a shared party wall. By doubling up, you could take advantage of economies of scale with expensive materials.**
- Don’t blow the budget: Before budgeting, think about the cost of all your materials, fittings and finishes, not to mention any costs related to building regulations, costs of dumpster rental or garbage removal, as well as architect’s fees , surveyor or structural engineer.***
- never assume: When undertaking any type of home renovation, whether internal or external, never assume you have the correct home insurance without double checking. Some standard home insurance policies do not cover construction work carried out on the property, so you will need to call your insurance provider before any work begins.
Greg Wilson, founder of Quotezone.co.uk, comments: “It’s really a shame, but ultimately not surprising that Generation Y is excluded from the game of renovations. Our data suggests that many homeowners in their 30s, who demographically made up the majority of renovators before the pandemic, are now unable to remodel their homes due to rising labor and material costs as well as the cost of life. crisis.
“Of course, with the right tools, DIY can be a cost-effective and rewarding way to create your dream home, but regardless of age group, if homeowners are undertaking renovations this year, we recommend reviewing our best advice and take the necessary precautions to reduce the overall budget as much as possible, while protecting their home during renovations with the right home insurance policy.