Consumers Planning Home Improvements
Consumers Planning Home Improvements More than a fifth (21 per cent) of homeowners plan to make significant structural improvements to their home in the coming 12 months, a new study from Sainsbury's Bank has suggested.
The group notes that the slowdown in the housing market may be having a marked effect on people's home improvement plans, with many looking to boost the value of their home rather than risk moving. And it seems people are willing to spend large sums to add equity to their current property, with an average home refurbishment spend of 17,361 pounds for those planning to make improvements. Of those intending to embark on such projects nearly a fifth (19 per cent) said they intended to spend more than 20,000 pounds.
For those looking to find an effective way to fund substantial property renovation, taking out a home improvement loan may be of assistance. In choosing this sort of loan, consumers may find they have the necessary capital to hire professional tradespeople to make sure the job is done right, thereby reducing the risk of making a home insurance claim.
Doing so may be of particular interest to the one per cent of respondents who said they intend to spend between 100,000 and 200,000 pounds on major refurbishment and structural development to their property in the coming year. Regardless of overall spend, Sainsbury's urged all homeowners to check with their insurer before commencing work that will affect the structural layout of their property. The group reported that a failure to do so could result in them invalidating their policy and being left without cover. Results from the firm suggest that as many as a third (33 per cent) were unaware of the fact that neglecting to do so could put them in such a position.
Neil Laird, home insurance manager at Sainsbury's Finance, said: "In the current housing climate, creating extra space in your home is another option for those who have maybe decided to put their plans to move on hold. But, as buildings insurance premiums are calculated based on the type of house, for example the number of bedrooms it has, creating extra rooms can have an impact on your premium even if you have unlimited cover. We want to make sure that homeowners are aware that they could be left underinsured or even invalidate their insurance entirely in the event of an incident during or after the works if they have not informed their insurer first."
In a breakdown of the work scheduled in British homes in the next 12 months, Sainsbury's Bank suggested that as many as 1,344,000 people are planning a loft or roof conversion, while a further 1,186,000 intend to erect a conservatory. Rear extensions are a priority for 949,000 and 713,000 want to build a garage extension. For those looking for effective ways to fund such structural overhauls, taking out a home improvement loan may provide an effective way to meet the costs of development.
An earlier report from Alliance & Leicester Personal Loans revealed that many Britons are finding inspiration in DIY programmes such as Changing Rooms, Grand Designs and 60 Minute Makeover. The group added that such projects can have more than an aesthetic impact on the house, with home renovations said to add as much as 10,000 pounds to the value of a house.
About the Author:
Abbi Rouse writes for AllAboutLoans.co.uk, an online loans comparison site, visit us today for information on all loan topics including cheap loans applications and loans sourcing from all leading UK providers. Our Site: www.allaboutloans.co.uk
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