Almost 30% Planning Big Renovations in 2020

House 2 min read

27 Feb 2020

A recent survey issued by interiors magazine House and Home has found that almost 30% of people are planning home renovations over the cost of €50,000 this year. 
When asked what projects they are planning, the works included were re-painting (52%), installing a new bathroom, (44%) heat system overhaul (33%) an extension (33%) new windows (30%), improving BER rating (31%), and an attic conversion (10%). 

When it came to why they were renovating, people outlined creating a home with greater functionality (49%) as well as increasing the energy efficienty of their home (72%).and a large amount of people said they would be using eco-friendly materials, (37%). 

Bigger costs for renovators 

These figures, when taken in conjunction with the new stringent building regulations introduced last September - which mean all homes undergoing major renovations have to be brought up to a minimum BER rating of B2 (major renovations are being classified as greater than 25% of the dwelling) - could indicate a larger investment this year when it comes to home renovations.
Another factor to consider is the rising cost of renovations for consumers, as reported in January of last year by the Irish Independent. This cost is being driven by builder’s fees, given the shortage of builders and a move by many operators into bigger commercial construction work while quoting high prices for domestic work by way of discouragement.
 

Planning a renovation project? 

If you’re planning a big renovation in 2020 to increase the efficiency of your home, why not read our blog on how much you might save in energy bills? We’ve also got great tips on how to choose the right contractor.

Once you have made the decision to go for that renovation and need any financial support, your local credit union is always on hand to chat! 

Submit an Online Loan Enquiry