Monday, March 26, 2007
Category:
Home Improvements
A recent study from Halifax Home Insurance reports that 11 million households have ideas for grand designs which could cost a total of £153 billion to complete.
On average, projects cost £13,800 with almost one million households said to make home improvements as a result of HENVY, or home envy. The figure spent due to HENVY is around £9.9 billion in total. Friends and neighbours are said to inspire British home improvements.
A quarter of households plan to make over their gardens which is a clear favourite for a makeover with 26% of households stating this as their number one home improvement. Bedrooms are the second favourite with 15% of households stating this as an area for improvement. Bathrooms and kitchens were favourites for 14% of those surveyed while double glazing and loft conversions were favourites for 6%.
Over half a billion pounds a year is spent on Britons fixing DIY disasters, with 4.1 million households stating that they had completed home improvements poorly in the last ten years.
When it comes to spending on grand designs, homeowners in the South East and Anglia are keen to fork out the most with an average spend of £27,000 and £26,600 respectively. Those spending the least live in Wales and the West Country and plan to spend an average of £3,733 per project.
Halifax Home Insurance’s senior manager of underwriting, Vicky Emmott, commented: ‘Whilst well planned and executed home improvements can add significant value to a home, getting it wrong can be a disaster. We’d advise anyone planning any major improvements to their home to employ qualified and reputable tradesmen, rather than going it alone. Indeed trying to tackle certain areas that you are not qualified for, such as electrics or plumbing, could invalidate your home insurance and leave you liable for the cost of any subsequent damage.’
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Homeowners who have a grand design in mind could consider financing their project with a secured
home improvement loan. One of many options, secured home improvement loans can be repaid over a term to suit the borrower, between 5 and 25 years. Secured home improvement loans may be used to fund grander designs such as extensions, loft conversions and cellar conversions. Smaller designs including garage conversions and refitting kitchens and bathrooms may also be funded with a secured home improvement loan. Homeowners may also consider a secured home improvement loan to cover the costs of developing the exterior of their homes and gardens in addition to financing the bigger scale projects.
