Expect the cost of your home improvements to spiral - new research shows 1 in 4 of us go over budget when we 'DIY'
DIY in the home is never an easy undertaking and now research shows that Britons are spending more than £4.7 billion over budget on their home improvements.
A recent study carried out by Halifax Home Insurance has found that one in four home makeover projects in Britain far exceed their original budget provision. With the average major renovation project costing £10,320, one million home improvers are forced to find an extra £4,690 to complete their projects.
Kitchen improvements are the most problematic when it comes to underestimating costs, followed by bathrooms and extensions.
Most (53%) put rising costs down to upgrading on the job to higher specifications and fixtures. 20% are forced to pay up when building works reveal unexpected problems with their house that require urgent attention and another 20% simply miscalculate their budget.
Handing over the reigns to tradesmen can also lead to spiralling costs. 9% are charged more than originally quoted and 4% are forced to pay when damages occur.
Martyn Foulds, Senior Claims Manager at Halifax Home Insurance, warns ‘Before embarking on any home improvement project, homeowners should always check tradesmen have the appropriate accreditations and references for their work. It is also critical that homeowners check that all tradesmen they employ have adequate insurance to cover for any damage caused to their belongings."
Foulds also comments “It’s interesting to see that the major reason for spiraling costs is often due to homeowners adding extras to a project half way through. Clearly it is all too easy to get carried away with adding more expensive fixtures and fittings as the project unfolds.’
This over-enthusiasm for home improvements may partly be due to inspiration from the ever popular DIY television show. Last year, Halifax home insurance also reported that 750,000 Brits have found themselves with £350 million worth of damage to their homes every year trying to replicate what they have seen on TV.
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