People are investing in their homes

With many savings accounts offering low rates of interest, homeowners are choosing to invest their money in their home while they wait for the economy to pick up.

This is the opinion of Jaimie Kendry, interior designer and director of Jaimie K Designs, who claims people are becoming impatient for the upturn.

"Their savings are not achieving anything worthwhile and so they are investing in their homes," she explained.

"Whether it is extensions or an overhaul of the interior people realise investing in your home will pay dividends as it will increase the value of their property and make it more saleable at the end of the day."

She added that despite investing in their home, people are definitely keeping an eye on their budget in order to get the best value for money.

But she suggested that the number of people contacting her business for help with their homes has actually increased recently, rather than decreased as many would expect in a downturn.

When making changes to the home, Ms Kendry advised using good quality materials and furniture as they will last and provide value for money over time, so it always pays to buy the best you can afford.

Research from the Society for the Protection of Ancient Buildings SPAB conducted for National Maintenance Week 2011 in November seemed to echo Ms Kendry's findings.

It revealed that people are spending more on their homes, however they are investing their money into household maintenance and improvement rather than aesthetics such as décor.

Only 26 per cent rated décor, new kitchens and bathrooms as the most important thing to spend on in the home, while 58 per cent said the same of maintenance and improvements.

In addition, 58 per cent claimed that if their home is well-maintained it will have a good impact on the value of their property.

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2012-01-23 13:00:33 © Moneyextra.com