A research from Direct Line Home Insurance found that approximately half a million homeowners in the UK go over budget when redecorating or renovating their home each year, especially younger people. They underestimate the cost of it by around £3.4 billion.
Home owners also spend an average of £7,427 more than they expected, which is 278% over budget. While regionally, Londoners are the most likely to overspend, as they put aside just £6,278 but end up paying out £11,128 to complete refurbishment work on their properties.
The most likely to go over budget on renovations with 30% are 18 to 34 year olds, compared to 17% of those aged over 55. This is mainly because of their lack of experience or high aspirations for a dream home.
“Many home renovation shows have given people a false impression of the real cost of remodelling a property, so before you bite off more than you can chew it’s important to research and price the work accurately, building contingency costs in to the budget, to ensure your home improvements come in on time and meet your expectations,” said Dan Simson, head of home insurance at Direct Line.
When it comes to renovating a room in a property within 12 months of buying a home, the kitchen is the most popular choice, with 32% of buyers having put this as their top priority, while 29% said it was the bathroom and 17% said the living room.
Top priority when it comes to redecorating was the living room, with 43%, closely followed by 42% naming the bedroom, 35% the hallway and 28% the dining room.
The research found that 68% of homeowners are comfortable painting, 49% stripping wallpaper and 24% will tackle tiling. Women are more likely to reach for the paintbrush at 73% compared to 63% of men but men prefer tiling at 30% to 18% of women.
“Many home buyers understandably want to do renovations themselves to save money, but they should be aware that jobs aren’t always as simple as they may seem and some even require specific certification or Building Regulations approval, such as rewiring or a loft conversion. Before embarking on a major new project, always ensure you make your insurer aware so they can make sure your home is adequately covered,” added Simson.