Savings On Stamp Duty ‘To Be Spent On Home Improvements’
In June chancellor Rishi Sunak announced that there would be a stamp duty holiday for those buying their second property. This has prompted more people to look at what’s on offer in their area, with many families taking the opportunity to upsize without having to pay what can be a substantial amount in the tax.
Yahoo! Finance recently revealed that 14 per cent of Brits intend to buy a home following the chancellor’s announcement on stamp duty, with the holiday for the tax expected to save homeowners an average of £5,219.
The news provider cited research carried out by Checkatrade, which found that many buyers plan to use this financial windfall to pay for home renovations.
Approximately one-third of buyers intend to spend over £4,000 of the money they save by not paying stamp duty carrying out improvements and renovations on their new home. A new kitchen is at the top of the wishlist for many, followed by a new bathroom.
Updating the living room, revamping the garden and setting up the perfect patio or outdoor entertaining space were also in the top five ways in which homeowners plan to spend this money.
If you’re planning to make substantial alterations to your new home, it’s certainly sensible to work with residential architects in Glasgow to ensure you make best use of your new space and create a home that truly meets all of your needs.
Lockdown has given many people a renewed focus on their home environments, whether they are moving or not. Last month, we pointed out that many people focused on buying DIY and home improvement products as soon as they were able to, to allow them to update or improve their residence.