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“Home envy” on the rise

“Home envy” on the rise

Category: Money

Updated: 14/10/2015
First Published: 14/10/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Do you ever walk into a friend's house and feel instant envy? Whether it's their beautiful kitchen, stunning decorating skills or even that brand new smart TV, many of us can feel pangs of jealousy. The question is, do you take action towards getting that kind of home for yourself? According to research from Beko, many people do…

Feeling the pressure

A survey from Beko found that kitchen envy is rife, particularly among younger homeowners, with one in five of those surveyed admitting that they're envious of their friends' kitchens and appliances. Over 40% worry that their kitchen isn't as impressive as those of people they know, and with the growing trend for socialising at home rather than heading out, it's perhaps unsurprising that they're feeling the pressure to have the perfect kitchen.

In fact, 50% of respondents said that they now entertain more often at home, while 52% enjoy having friends over for drinks and 50% host dinner parties. Couples seem to enjoy entertaining together, too, with 35% saying that that they enjoy having their friends round, so the home really is becoming a social hub.

Savers are making sacrifices

In the quest to make those upgrades, one in 10 of those surveyed said that they'd forego a holiday to afford a new kitchen (complete with the latest appliances), which highlights just how important "keeping up with the Joneses" can be. Would you be tempted to make similar sacrifices?

If you've got your heart set on a stunning new kitchen or want to give your home a makeover, you may find that you need to make sacrifices in order to achieve those goals. You'll want to save as much as you can so those buys don't seem quite so far out of reach – an easy access account could be perfect if you want to add little and often and don't know when you'll want to withdraw the cash, or a regular savings account could be a great way to encourage you to squirrel away a bit of your salary each month.

Depending on your goals, you may not want (or need) to give up that all-important annual holiday, but there are plenty of smaller things you can do that could make a difference. Foregoing the weekly takeaway or daily Starbucks could be a great place to start, as could entertaining at home rather than heading out for a meal or drinks. Be on the lookout for discounts and voucher codes, too – anything you can do to save a few extra pennies could mean you're able to beat home envy sooner.

One final thing – make sure to double-check your home insurance! You wouldn't want to spend a fortune on top-of-the-range appliances or home entertainment systems only to find that the higher price bracket means you're not covered, so check the small print and protect your beloved new home in the best way possible.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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