Homeowners Delay DIY to Save Money
Home maintenance projects are being delayed as cash-strapped homeowners try to save money, research shows.
The survey by Gocompare revealed 32 percent of Brits feel they really need to make cutback to save money, and delaying home improvements were a major area of saving.
However, the study warned they may be making a false economy, as home renovation projects could easily degenerate further if they are delayed making them more expensive to repair when the time eventually arrives.
In order to reduce outgoings a further eight percent admitted they would consider not renewing their home buildings insurance, while another eight percent would not renew their insurance for their home contents.
“In the current economic environment it is a good idea to review your finances and cut back on unnecessary spending – but it is important that in order to save money now, you don’t make false economies,” said Phil Paterson-Fox, Gocompare’s head of home services.
“While it may be ok to delay cosmetic redecorating jobs, essential repairs should not be ignored.”
Of those who will be delaying home maintenance projects and decorating jobs, 22 percent will be putting off fitting a new kitchen to save money, while 17 percent a new bathroom suite.
For many cash-strapped Brits, home maintenance is a luxury they cannot afford as even affording the essentials is a stretch.
According to research by the Consumer Credit Counselling Service (CCCS), the average person seeking help from the charity with their debts has to work the first three days of the week just to earn enough to repay their unsecured debts.
The money they then earn for the rest of the week is then what the average debtor uses to pay for what they need to live off – and this includes managing mortgage repayments and basic living costs like food and energy.