£1,509 is the average spent on fixing homes each year
Employing trades people to work on homes cost homeowners an average of £1,509 according to recent research by MoneyExpert.com. It was found that many homeowners fund home improvements with personal loans, and some had spent at least £10,000 on their properties in the last year.
Around 8% of those surveyed had spent over £5,000 to renovate their properties or fix problems, while 22% spent between £500 and £3000 to get professionals in to complete work. Those spending the most on employing tradesmen to carry out home improvements are Londoners, forking out on average £1,804.90. The Midlands and Scotland followed, with an average spend of £1,816.25 and £1,730.69 respectively. Those living in the North spent the least with the average cost being £1,084.84.
Sean Gardner, Chief Executive of MoneyExpert.com, said: ‘Home improvements are one of the most popular reasons for taking out a personal loan. But when people go for major renovations and consider borrowing more than £10,000, they need to ensure they get good value for money. Personal loans can vary in price dramatically – you could end up paying back as much as a quarter of the amount you borrowed in extra repayments unless you research the market carefully.’
To fund home improvements, homeowners could consider a secured loan. Adding a conservatory or converting garages are lso popular home improvement projects which add more space to accommodate growing families. Secured loans are one of many options to fund home improvments and can also help pay for the finishing touches once bigger projects are completed.
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