Posts with tag: home improvements

A Fifth of Homeowners Receive Funding from the Bank of Mum and Dad for Home Improvements

Published On: May 9, 2017 at 9:12 am

Tags: bank of mum and dad,home improvements,homebuyers,homeowners

A fifth of homeowners (18%) say that they rely on funding from the bank of mum and dad to help finance their home improvements, while 19% admit that their parents physically help them carry out DIY, according to the latest research by online home service marketplace Plentific.com.

A Fifth of Homeowners Receive Funding from the Bank of Mum and Dad for Home Improvements

Although it’s well known that the bank of mum and dad is increasingly being relied upon to help buyers purchase their own homes, it now appears that once these buyers become homeowners, they still rely on their parents to fund home improvements.

In the past, owning your own home as a young adult wasn’t the struggle that it is today. Many older parents will remember a time when they could buy a family home for a realistic sum that was relative to local salaries – at least in comparison to today’s standards.

Plentific’s study found that 26% of homebuyers across the UK now receive financial aid from the bank of mum and dad when purchasing a home. This figure increases dramatically for younger homeowners, with 58% of respondents aged under 34 admitting to receiving financial help from their parents.

Unsurprisingly, London ranked top of the table (59%) for the number of homebuyers receiving financial support from the bank of mum and dad when buying a property. With house prices increasing in the capital, it may seem sensible to buy a more affordable home that needs fixing up.

However, 48% of London homeowners admit that they also receive financial help from their parents to pay for home improvements.

Belfast came in second highest for homebuyers receiving financial aid from parents when purchasing a property, at 30%, with Brighton and Glasgow taking the bottom spot, with just 12%.

Homebuyers in Birmingham (16%), Southampton (18%) and Nottingham (19%) were the next lowest in the rankings, while those in Manchester (22%), Leeds (23%) and Bristol (25%) sat at the higher end of the table.

When looking at parents who provide financial support for home improvements, London (48%), Liverpool (31%) and Brighton (17%) topped the table.

The top locations for homeowners who received physical help with DIY from their parents were London (29%), Bristol (26%) and Sheffield (22%).

A spokesperson for Plentific, Stephen Jury, comments: “Our statistics really highlight the struggles young people face when buying or renovating a property. Whilst buying a cheaper property that needs work may seem like a good option, the number of young people receiving financial and physical help from their parents with renovation projects is quite alarming.”

Have you had to help your child either buy or renovate a home?

Londoners Splashing Out on Home Improvement Jobs

Published On: March 10, 2017 at 9:11 am

Author: Em Morley

Categories: Property News

Tags: DIY,home improvements,London,maintenance,refurbishment,tradespeople

Many Londoners are splashing out on home improvement jobs, with 82% of homeowners in the capital conducting DIY tasks each month in 2016, according to new research by Portico London estate agents.

Londoners Splashing Out on Home Improvement Jobs

Almost 20% of Londoners spent over £1,000 on home improvement jobs during the year, with B&Q voted the number one place to buy their materials, closely followed by Homebase.

However, despite the capital being full of keen DIYers, 70% of Londoners said they also paid for work to be done around their homes in 2016, with over half spending more than £1,000 on tradespeople or maintenance services last year.

Although plumbing and electrical work – the most specialist tasks – were the most common home improvement jobs that Londoners forked out for, one in three homeowners in the capital also paid to have painting and decorating work done, while 28% paid for gardening or outside work.

Interestingly, the study also found that Londoners would also pay a tradesperson to complete a number of relatively straightforward and small jobs around the home – 21% would pay for someone to fix or change a light, and 11% would splash out for a tradesperson to hang up their shelves.

This could be put down to the growth in availability of tradespeople for smaller home improvement jobs on new online sites, with Londoners rating recommendation as the number one thing they look for in a tradesperson, over price, expertise and good reviews.

The Managing Director of the estate agent, Robert Nichols, comments: “In today’s market, if you’re thinking of selling, it’s imperative your house is looking its best, whether that’s with a fresh lick of paint, a new bathroom or kitchen, or improved kerb appeal. Home improvements will not only boost the value of a property, they’ll also lead to a quicker sale, so hiring a handyman is certainly not a false economy.

“In fact, if you find a competitive day rate and get all your DIY jobs in one sweep, hiring a handyman or tradesman can actually be very cost-effective.”

Landlords, do you pay someone to complete small home improvement jobs in your properties, or do you do them yourself?

Landlords, Protect Yourself When Hiring a Tradesperson

Published On: October 19, 2016 at 11:03 am

Author: Em Morley

Categories: Landlord News

Tags: home improvements,landlords,maintenance,tradespeople

Landlords, you can now protect yourself when hiring a tradesperson to conduct work on your property by using home services marketplace Plentific’s new Guarantee.

The innovative Plentific Guarantee is the first of its kind, and gives landlords and homeowners added security when booking trade professionals through the website.

The latest addition to the marketplace’s offering promises work of the highest quality from pre-screened professionals, giving property owners the confidence that their project will be completed to a high standard. Customers entitled to the Plentific Guarantee are assured 100% satisfaction when booking a verified tradesperson.

Landlords, Protect Yourself When Hiring a Tradesperson

The new policy covers all services advertised on Plentific, from architects to builders. Any verified trade professional booked through Plentific can offer the guarantee, regardless of the size of the project.

The Co-Founder of Plentific, Cem Savas, says: “This Guarantee is the next step in Plentific’s mission of connecting homeowners with reliable home services professionals. It adds a newfound level of trust which did not exist before today.

“Our homeowners can now use Plentific with the knowledge that they will only receive the best of services and will be fully covered in the event that things do not go according to plan. The introduction of this Guarantee can only attract more homeowners and trade professionals to Plentific, and we will respond by continuing to support both sides of the marketplace, whilst providing the best service possible. We want to find and recommend the UK’s best and most reliable trade professionals and, consequently, remove all common fears when hiring a pro.”

The Guarantee includes legal cover for contractor related events and covers legal fees of up to £50,000. Insurance underpinning the Plentific Guarantee has been developed in partnership with The Home Insurer, which is authorised and regulated by the Financial Conduct Authority.

Paula Higgins, of the HomeOwners Alliance, comments on the service: “This is fantastic news for consumers. Whilst some websites offer basic verification on the trade professionals they list, homeowners have no one to turn to if they aren’t happy with the standard of the work. The Plentific Guarantee offers consumers a newfound level of protection, should anything go wrong.”

The Guarantee has been introduced at a time when demand for home services professionals is continuing to grow, with fears of cowboy tradespeople also rising. This policy protects landlords and homeowners from the nightmare of dealing with a substandard job.

If you decide to use Plentific to look for a tradesperson, look for the gold tick with “Verified by Plentific”. This logo indicates that the selected professional has passed the comprehensive background check and can offer the Plentific Guarantee.

As the only online transactional home services marketplace, Plentific also offers a secure payment platform for booking a professional. All funds are recorded and covered by the Guarantee for additional protection.

If you are unsatisfied with the quality of the work produced by a verified professional, the Plentific Guarantee covers four key costs: the deposit, pre and post completion of the project, and any legal fees. These safeguards ensure that you have nothing to worry about.

At a time when landlords are facing higher taxes and additional regulation, it is more important than ever to protect any funds you are spending on improvements to your property.

Majority of Homeowners Fear Hiring a Tradesperson

Published On: September 21, 2016 at 10:50 am

Author: Em Morley

Categories: Property News

Tags: home improvements,homeowners,tradespeople

The majority of homeowners in the UK fear hiring a tradesperson to do work in their home, according to the latest research from home improvement marketplace Plentific.com.

The findings arrive as Plentific launches an innovative new payment platform – the first of its kind in Europe. The firm reports that growth in the home improvements market shows no sign of slowing down in post-Brexit Britain, meaning that demand for quality home service professionals is high.

Plentific lists over 85,000 professionals on its website, and has quickly become an established brand in the online home services industry.

The service allows property owners to search, compare, book and now securely pay for trade professionals online.

The new payment platform allows Plentific to support both sides of the marketplace, with a high level of security and convenience. And it’s not stopping there; Plentific is due to release another innovative feature in the next two weeks.

Its Plentific Guarantee will ensure that all jobs are completed to a high standard when homeowners hire a verified Plentific professional, who has passed a comprehensive background check.

Majority of Homeowners Fear Hiring a Tradesperson

The co-founders of Plentific, Cem Savas and Emre Kazan, comment: “Our payment platform launch puts Plentific into a league of its own as the only transactional home services marketplace in Europe. Our goal is to delight our customers, and we want to ensure that we are doing everything in our power to connect homeowners with professionals that provide quality service. This launch allows us to offer something homeowners have never had: the ability to find a verified local professional and pay them securely, whilst having peace of mind that the project will be finished to the highest standard. We guarantee it.”

Mangopay, a leader in marketplace payments across Europe, powers the new payment platform. The firm’s CEO, Céline Lazorthes, says: “We pride ourselves on offering a totally secure and user friendly solution. We work with innovative clients and know how to adapt to their specific needs. We’re truly excited to power Plentific’s payment gateway as they look to scale their operations.”

Plentific’s guarantee should help the 13m UK homeowners who fear hiring a tradesperson to carry out improvement work on their properties.

According to a study by the firm, 87% of homeowners fear hiring tradespeople, with finding a reliable professional being their biggest concern. Over half (59%) said their greatest worry is finding a tradesperson that they know for certain can do their job properly.

However, homeowners are relatively relaxed about sticking to a timeline, with most more keen to have the work completed to a high standard. Just a fifth (19%) are concerned abut the work being finished on time, while half (51%) fear that the completed project will not meet their expectations.

The region with the most confident homeowners is the South West, where 19% of local homeowners have no concerns about hiring a tradesperson. This is in huge contrast to London, where just 5% are completely comfortable in hiring a professional to carry out work in their homes.

Plentific’s research shows that there is a lot of variation across the UK. For example, the biggest concern in Brighton is being ripped off, with 74% of local respondents fearing their job will be unfairly overpriced – much higher than the national average of 51%. When it comes to trusting a tradesperson in the home while they’re on the job, homeowners in Cardiff (45%), Liverpool (44%) and Manchester (40%) were much more worried than the UK average (33%).

Age also appeared to be a factor on certain issues, with 68% of homeowners aged 55 and over voicing concerns over the reliability of tradespeople, compared to 45% of respondents aged 35 and under.

Savas explains: “Our survey shows why homeowners may hold back when hiring a pro without seeing proper verification. These days, people need more than just word-of-mouth recommendation, which is why we created Plentific.

“We’re here to change the way people feel about hiring a trade professional. We provide a transparent marketplace with verified and customer-rated trade professionals, our guarantee and a secure payment service, enabling homeowners to feel confident about getting their job done.”

Do you feel concerned when hiring a tradesperson to work on your property?

Could You Make a Profit on Your Property with Home Improvements?

Published On: July 22, 2016 at 9:19 am

Author: Em Morley

Categories: Property News

Tags: decor,home improvements,homeowners,house prices,renovation

A new study from Plentific reveals that homeowners in the UK believe that they can make a significant profit on their property through home improvements.

The survey, conducted by Opinium, found that 35% of homeowners in the UK think they could make a profit on their property from a £50,000 investment in home improvements, such as decoration, extensions and renovations.

Could You Make a Profit on Your Property with Home Improvements?decoration, extensions and renovations.

However, just 10% of the respondents expect home improvements to increase their property’s value by £75,000-£100,000. Lower profit expectations were forecast from homeowners in Wales, Scotland and northern England, with almost half saying they do not expect a £50,000 increase in their property’s value.

Homeowners in London and the South East were most confident, with around half expecting a return on improvement costs.

Half of homeowners in the capital expected to make a return on their £50,000 investment, while 21% predicted an increase of £75,000-£100,000 on their property’s value. Some 10% of homeowners in Bristol and London believe that they could see a rise of over £100,000 in house price following a £50,000 investment.

The survey also looked at the reasons why property owners make home improvements. It found that a huge 79% are more interested in improving living space, while just 17% are hoping to increase their property’s value.

Young first time buyers – those aged under 34 – expressed more of a desire to make money on their improvement projects, with 32% carrying out renovations to increase their property’s value.

The co-founder of Plentific, Cem Savas, comments: “Our latest consumer research highlights homeowners’ confidence in the value of home improvements. It does also paint the picture that young owners and those in the South East are more fixated with increasing property values. This isn’t a surprise considering the rise in recent times, highlighted this week in the ONS House Price Index, which revealed that properties in the South East had an annual growth of 12.8%.

“A home is an asset, but the majority of homeowners undertake home improvements simply to improve their living space and home life.”

As a landlord, making home improvements could increase both your rental income each month and your property’s value when the time comes to sell. If you are looking for a financial boost, invest in some renovation work!

Most popular home improvements revealed

Published On: October 24, 2015 at 9:00 am

Author: Em Morley

Categories: Property News

Tags: building trends,extensions,home improvements

An interesting survey into the latest building and renovation techniques being employed by Britain’s builders and tradesmen has shown that modern trends are focused on maximising space and light.

Extending growth

The report from Direct Line Home Insurance, designed to identify the ever- changing face of homes in the UK, gave an insight onto what home improvements are currently proving popular. 47% of builders questioned said that extensions to a property were the most requested addition to existing portfolios.[1]

Data shows that the average difference between a two and three bedroom home in the capital is £157,202, with the average bedroom extension costing £35,000. Additionally north of the border, the average asking price difference between two and three-bedroom properties is currently £45,949, underlining the potential profits to be made through extension.[1]

Let there be light

Around 15% of builders questioned said that gaining access to light was the most current trend in home rebuilding. Householders are installing features such as bi-folding doors and fitting skylights in an attempt to make a room feel bigger.

However, homeowners wishing to improve space by carrying out a loft conversion should be aware that 36% of builders said that this was the top type of home improvement likely to go wrong. Adaptations to kitchens (19%) and bathrooms (26%) were also likely to prove problematic.[1]