DIY Goes £4.7billion Over Budget

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."