Homeowners are saving an average of £22,000 by renovating their current homes instead of moving to a new property, according to a recent poll. The survey of 2,000 property owners found that only 22% would prefer to move rather than adapt their existing home to meet their needs.
Rethinking Home Space
Three in four respondents have considered reimagining their home to make better use of available space, and 58% believe upgrading is far more cost-effective than starting afresh elsewhere. Over a third of these 'space stretchers' have created multi-purpose rooms, such as a combined guest room and office. More than one in five have invested in loft conversions for additional living space, while 11% have designated specific areas for hobbies.
Expert Insights
Smart Energy GB, which commissioned the research, partnered with interior designer Laurence Llewelyn-Bowen to meet two households that have creatively adapted their homes. Llewelyn-Bowen noted, 'Having split my own home into three separate living spaces, my family set-up has taught us a lot about squeezing every inch out of your space and finding imaginative ways to make it work for everyone.'
He added, 'People often see it as an unconventional approach, but it's actually how most families functioned before the 20th century, so I'm inspired to see so many people re-discovering this way of living. What becomes clear very quickly is that having multiple generations under one roof affects more than just space; it changes how you use energy too. I've found that a smart meter is a brilliant way to see how these patterns shift, helping everyone make small, mindful changes that can bring greater peace of mind.'
Energy Considerations
Victoria Bacon from Smart Energy GB commented, 'Adapting your current home can be a helpful alternative to avoid higher moving costs, while adding long-term value and future-proofing it. But when your living space changes, the way you use energy can change too. Smart meters are available at no extra cost from energy suppliers and give households a simple way to keep track of their energy usage as their home evolves.'
Most homes in Britain now have a smart meter, and they are available from energy suppliers at no extra charge.
