Tuesday, April 14, 2009
Category:
Home Improvements
According to moneysupermarket.com, 43 percent of people in the UK will be unable to embark upon home improvements this Easter due to not having the funds required to do so.
This was one of many survey findings revealed by the price comparison site.
It was also revealed that despite homes being in need of repair, 25 percent of owners cannot afford to fund the necessary work. As a result, 14 percent will be putting their DIY skills to the test in an effort to save money. For the 4 percent who are lacking both the money and the know-how to get the job done, friends or family will be turned to in the hope that they will be able to make the home improvements. However, it would seem that the UK is not a nation of DIY enthusiasts, with only 9 percent of people carrying it out for pleasure.
Head of home insurance at moneysupermarket.com, Steve Sweeney, said: "As the recession continues to bite, people are looking for more ways to keep spending down. It is sad so many people cannot afford much needed improvements for their beloved homes. However, with others planning to roll up their sleeves and get on with the job themselves, or more enterprisingly, rope family or friends into helping them do up their house, it seems Easter could be a busy period.
"For those looking to make home improvements themselves to save money, I would advise they ensure they are comfortable with any work they choose to carry out, especially those working without help or guidance from someone with relevant knowledge or experience. It is vital to check the small print of their policy in case of any DIY disasters because unless they have accidental damage cover, their DIY mishap may not be insured."
Geographic findings were also noted from the survey, namely that North-West and Northern Ireland inhabitants are feeling the squeeze more so than others. 27 percent of those living in North-West Ireland and 29 percent of those living in Northern Ireland admitted to not being able to stretch to home improvements. In addition to this, it was found that those in their 30s seem to be particularly affected, with 33 percent being unable to fund repairs around the home.
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Homeowners whose properties are in need of some tender loving care, but who are not in possession of the money required, may wish to investigate the possibility of taking out a secured loan to fund
home improvements. This finance option could be used to fund an array of projects from general maintenance to fitting a new kitchen or bathroom. Some may even wish to use the funds to create additional living space with a conservatory or extension. Homeowners may decide to extend upwards as well as outwards with a secured loan. A loft conversion can provide the ultimate get away for children or parents in homes where space is lacking.
