Wednesday, January 26, 2011
Category:
Secured Loans
According to new research conducted by Halifax Home Insurance, 39 percent of Brits will be refraining from going out as much this month. For 58 percent, this is reportedly due to a lack of cash, whilst 47 percent will be staying in to save money.
The research revealed that 11 percent of Brits are planning on spending more than 20 hours at home each weekend throughout January - excluding time spent sleeping. Reasons for socialising indoors were found to include a ‘general feeling of Christmas overindulgence’ for 21 percent, and an intention to avoid drinking and dining out for 16 percent.
Findings show that 19 percent of Brits will be entertaining themselves by watching DVDs and playing computer games that were given to them for Christmas, whilst 28 percent will take on DIY projects. This ‘New Year DIY boom’ is reportedly partly due to 37 percent of people having to repair household items that they are financially unable to replace. For 11 percent, such household items include those that were broken during the festive period. An additional 28 percent intend to tackle DIY work in a bid to keep them occupied whilst spending more time at home this month.
Senior claims manager at Halifax Home Insurance, Martyn Foulds, commented: "DIY is a great way to save money and keep yourself occupied - but for many it can prove a false economy. Our research shows on average more than one in six DIY jobs go wrong, each costing £426 to fix. With more than four million DIY tasks already having been botched this month, we estimate the cost to homeowners has been almost £540 million."
Halifax Home Insurance has pointed out that ‘financial pressures’ are causing 66 percent of people to opt for DIY assistance from friends and family as opposed to professional tradesmen. However, 59 percent of these people are not qualified.
Martyn Foulds continued: "We advise anyone undertaking big jobs to check their home insurance policy to ensure they are adequately covered for accidental damage. For larger jobs involving gas, electrical or plumbing work, it's always best to call a qualified professional, otherwise homeowners run the risk of invalidating their home insurance policy if things go wrong."
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Homeowners who do not have the specialist skills required to tackle big projects in or around their home, and who would like to carry out a large scale home improvement project, could consider taking out a
secured loan to finance the necessary work. One of many finance options available, a secured loan for home improvements could pave the way to that ideal home. For example, homeowners who would like extra living space could have their property extended or a conservatory added.
