DIYers underestimate costs

by Richard Kilner

Story link: DIYers underestimate costs

The Halifax has conducted research revealing that a vast number of DIY enthusiasts are seriously underestimating the costs of their projects.

One million people underestimate the budget for a home improvement project, creating a total funding gap of £4.7bn and costing the individual £4,690 a year to get the work finished.

In addition, the attempt or completion of certain types of work can contravene the terms of home insurance and render it invalid.

Halifax Home Insurance’s senior claims manager, Martyn Foulds, has described how it is very easy for individuals to get carried away and overspend.

Foulds has also urged homeowners to ensure any tradesmen they employ have the proper insurance and credentials.

In 2007 the Halifax conducted research showing that 750,000 people had damaged their property through failed efforts at DIY, costing a total of £350m.