Monday, May 17, 2010
Category:
Home Improvements
According to Santander Insurance UK, 39 percent of Britons are intending to embark upon home improvements in the next year.
However, it is reported that tight family budgets are forcing many people down cheaper routes, such as DIY, rather than hiring professionals.
The insurer’s research revealed that 14 percent of homeowners who take on DIY projects will cause damage to their home – to the average tune of £344 each, which equates to a nationwide ‘DIY disaster fund’ of over £331 million.
Of those individuals who are planning to make home improvements in the next twelve months, up to 72 percent will carry out the work themselves in a bid to save money – despite 52 percent lacking confidence in approaching simple tasks.
Chief Executive, Santander Insurance UK, Miguel Sard, commented: "This is traditionally the season when homeowners would take time out to beautify their home or make essential repairs. In the past it may have been more efficient and easier to hire help to get these jobs done, but with budgets across the country being squeezed, homeowners are instead attempting to do the work themselves."
It has been revealed that women are less likely to take on DIY projects than men, yet it is more likely that they will cause damage. In fact, their average bill for damages was found to be £1,993. With an average bill of £2,497, 18 to 34 year olds are reportedly the most likely group to cause the most damage though.
In terms of the type of home improvements that will be tackled over the next twelve months, Santander’s research revealed that 47 percent will attempt to install a new light fitting or plug socket – despite building regulation prohibiting this.
Sard continued: "This is the point at which basic DIY becomes a health and safety risk. While it might be understandable to tackle such things as landscaping the garden or constructing a kitchen unit, when it comes to the electrics of the house or major construction work, it is just not worth taking the risks. Get it done professionally."
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Homeowners who are keen to kick-start projects in or around their property could consider funding this work with a secured loan for
home improvements. One of many finance options available, a secured loan could pave the way to that ideal home – without having to cut corners to get there. For example, professionals could be hired to re-wire a house that requires this. Additionally, borrowers who have growing families may wish to create extra living space by means of an extension or conservatory.
