At first glance, 2023 may not be the ideal time for home improvements, as many economies continue and house prices continue to fall.
More specifically, the average house price on these shores fell for the fourth month in a row in December, depreciating by 1.5% compared with November and lowering the median property price to £281,272 according to Halifax.
Photo by Sidekix Media on Unsplash
However, there may still be a limited window of opportunity to capitalise on the value that exists in your home through home improvements. You may also want to refresh your home’s interior design for your own personal benefit, but either way, January could be the ideal time to start making plans.
Getting Started – Why Renovate in 2023?
As we’ve already touched on, house values are only expected to go one way through 2023, with an expected decline of between 8% and 10% forecast for the next 12 months or so.
So, now is the ideal time to renovate if you intend to add value and sell, before house prices depreciate too much or start to decline at too great a rate.
Even if you intend to remain in your home, the New Year is known to symbolise a new and fresh start. So, it’s also the ideal time to renovate your home and refresh its interior, as you look to start 2023 with a positive and can-do mindset!
How to Plan for Home Improvements this Year
The next step is to identify which modifications you’d like to make, while planning the necessary steps to execute these effectively. Here are some ideas to keep in mind:
- #1. Budgeting and Financing: Before you get started, it’s important to create a fixed financial budget that can be used to complete your home improvements. This will create a realistic and fixed amount of cash to fund your renovations, while helping to determine precisely how much you’re able to get done. In terms of financing, you should focus on accessing capital while minimising debt where possible, which options such as savings and equity release ideal for those aged 55 and over.
- #2. Look at the Top Renovation Trends for 2023: While some interior design trends are universal, others are cyclical in nature, so it’s important to look at the most relevant and popular ideas in 2023. These include options such as open plan kitchen design (complete with island) and the creation of floor plans that optimise space. Not all of these trends will be relevant to you, of course, but they may provide some inspiration to help you on your way.
- #3. Look at Small, DIY-Inspired Changes: While some modifications are costly and require professional expertise, others are small in nature and can be carried out independently. So, complete a full review of the project and determine which tasks can be managed in-house, such as painting, decorating and erecting flat pack furniture. This will help you to save cash while ensuring that projects are completed within an optimal timeframe.