Monday, July 3, 2006
Category:
Home Improvements
A recent survey by Alliance and Leicester has shown that one in three homeowners were ready to spring into action over the last Easter bank holiday weekend.
DIY and home improvement work is always a firm favourite past time for the long bank holiday weekends. While 76% of homeowners have made more than one major improvement to their current homes, the extra day off work gives DIY enthusiasts a little more time to get stuck into home improvement projects.
The Alliance and Leicester survey found that the top improvement among British homeowners was painting, with 82% of respondents saying that they would be keen to add a touch of new colour to their homes. Wall papering was favoured by 56% of respondents and 55% were interested in tiling their homes. New kitchens, windows and bathrooms were also on respondents wish lists.
The survey by Alliance and Leicester revealed that a third of consumers admit to using costly point-of-sale finance to pay for important home improvements such as a new kitchen, conservatory or double glazing; and 36% of these individuals believed this type of offer to be competitive.
It can be tempting to take advantage of a 12 month interest free period when presented with the option to take out an account card at the point of sale. However, the interest rates on some retail store cards can be significantly higher than those offered by secured homeowner loan lenders. Rates for store cards can be as high as 26%. Homeowners looking to carry out significant home improvement projects could consider a
secured homeowner loan to help them carry out their desired plans, as one of their options. It is important to remember that repaying your borrowing over a longer term will increase your overall interest charges.
