Gocompare.com has published new research showing that cash-strapped homeowners put off home maintenance projects in order to save money. Just over a third (32%) of respondents say they are delaying home maintenance and decoration jobs to save money, while 22 per cent were putting off fitting a new kitchen and 17 per cent a new bathroom suite.
The survey reveales that 32 per cent of Brits say that they really need to make some cutbacks to make ends meet. Not carrying out home maintenance and renovation projects were identified as areas where savings could be made. The survey also found that in order to reduce their outgoings, eight per cent of people would consider not renewing their home buildings insurance and another eight per cent would consider not renewing their insurance for their home contents.
Phil Paterson-Fox, Gocompare.com’s head of home services, commented, “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. For most of us, our home is our most valuable asset, so when making cut backs you need to ensure that it is adequately protected.
“Homeowners need to think carefully about the maintenance jobs they are putting off. While it may be ok to delay cosmetic redecorating jobs, essential repairs should not be ignored. Delaying structural repairs – a leaking roof for example, may lead to more damage and a bigger bill for repairs in the long-run than if it is dealt with promptly.”
M. Paterson-Fox continued, “People should also think very carefully before deciding not to renew their home insurance. While it is not a legal requirement to insure your property, it is usually compulsory to have buildings insurance if you have a mortgage on your home. The cost of rebuilding a property after fire, flood or subsidence can run into tens of thousands of pounds, so even if you own your home outright, you need to consider what you would do if the worst happened. Similarly, before stopping your home contents insurance you need to think about whether you can afford to replace lost or damaged goods.
“A better solution to ditching your cover would be to shop around for a better deal. Only 22 per cent of those taking part in our survey had switched home insurance in the last 12 months, while 14 per cent had never changed provider”.
Source : Gocompare.com
