Some 57% of homeowners are planning to undertake renovations in their homes this year, spending on average €6,805 on the planned works. While the majority of those planning renovations intend spending less than €10,000, some 12% of respondents are planning more extensive works, allocating a spend of between €20,000 and €50,000, with 2% of respondents saying they intend to spend more than €50,000. New research from insurance provider Aviva Insurance Ireland DAC (Aviva) has found that painting the house internally is the most common renovation work at 44% that will take place this year, following by works on the garden (34%), with 31% of homeowners focused on energy efficiency upgrades.
Highlights from Aviva’s survey conducted by iReach Insights with 1,000 people nationwide, over 50% of whom are homeowners include:
- Men are more likely to plan to spend less than €2,000 on home renovations at 53% than woman (45%)
- Most homeowners planning to spend between €10,000 to €50,000 on renovations are aged between 35-44 years
- Those aged 55+ are most likely to be undertaking renovation works in excess of €50,000 at 4%.
- Interestingly 46% of men are looking to focus their home renovations on the garden compared to 30% of women
- Women respondents are more likely to want to paint their homes inside, or carry out renovation works on kitchens, bathrooms, or bedrooms
- Women are slightly more inclined to undertake energy efficiency upgrades at 25% compared to 23% of men
- Whilst only 4% of homeowners are planning to do work on a home office, 10% of those are aged between 35-44.
Commenting on the survey findings Billy Shannon, Aviva said: “It is evident that the trend of investing in home renovation works that we reported on last year as people were spending more time at home as a result of the pandemic continues apace this year. While the average spend was slightly higher last year at €7,343 versus €6,805 this year, 12% of respondents to this year’s survey indicated that they plan to spend between €10,000-€50,000 this year compared to only 5% last year.
We would always advise homeowners to do their due diligence before employing professionals to undertake renovation work in their home and to ensure that they only engage the services of reputable, experienced and insured individuals. Referrals are often a good way of selecting a trusted contractorBilly Shannon, Aviva
Moving house or relocating
While the majority of survey respondents (80%) revealed that they have no plans to move house at present, 1 in 5 (20%) claimed that they have either moved since the outbreak of the pandemic or plan to do so.
- 7% of those planning to move want to buy a home this year, with some saying the choice is very limited – the majority of whom are in the 35-44-year age bracket
- 7% of renters have either moved or are planning to move to a cheaper location, highest amongst those aged 25-34
- 3% have moved back to the family home – most of whom are aged 18-24
- 3% have bought a new house since the pandemic, highest amongst 35-44 years old
“Rising house prices and rents throughout the country, coupled with limited supplies for both, is undoubtedly causing difficulties for those hoping to buy or rent a new home. Our research findings show that this is particularly evident amongst those in the younger age cohorts who are looking to save for or buy their first home, as many younger respondents who are currently renting saying that they are either looking to move to a cheaper location or indeed, moving back into the family home”, concluded Billy Shannon.