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Brits overspend on home improvements
17-Jan-08
A quarter of Britons who carry out home improvement work underestimate how much the projects will cost.That is according to Halifax, which reveals that around one million people undervalue the expenses involved by approximately £4,500.It means that B...
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Print this articleBrits overspend on home improvements
17-Jan-08
A quarter of Britons who carry out home improvement work underestimate how much the projects will cost.
That is according to Halifax, which reveals that around one million people undervalue the expenses involved by approximately £4,500.
It means that Brits end up spending a combined £4.7 billion more on home improvements than they had originally intended to every year.
A total of 53 per cent of those who do overspend told Halifax that they ended up going over budget because they spent extra on fixtures and fittings.
"It's interesting to see that the major reason for spiralling 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," said Martyn Foulds, senior claims manager from Halifax Home Insurance.
"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," he continued.
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