Irish homeowners planning home renovations are now facing challenges from rising costs and the availability of tradespeople, according to the latest Aviva research.
While 68 percent of homeowners plan to renovate in the coming year, one-fifth of them say the cost of upgrading the home and the lack of available tradespeople are likely to put them off completing their plans.
This was particularly evident among homeowners in Dublin compared to the rest of Ireland. Over a quarter of respondents in Dublin expect difficulties compared to just 7% in Connacht and Ulster.
According to Aviva, women are more likely to take on renovations themselves. The 45 to 54 age group also decides to take the renovation into their own hands.
“The results show that a great many people want to renovate, and while some are taking matters into their own hands, large and small, for others, hiring tradespeople to do the work, coupled with rising labor and material costs, means plans for the foreseeable future may need to be deferred,” said Billy Shannon, managing director of personal lines at Aviva.
The survey of over 1,000 Irish people also found that fewer than 20 per cent of respondents are confident they have adequate home insurance.
Almost half of respondents aged 25 to 44 say they never check their coverage, compared to 31 percent of those aged 55 and over.
Another 4 in 10 never check their home remodeling costs, a factor that may have changed in recent months due to inflation.
“If you don’t reevaluate this every few years, there’s a good chance your policy won’t accurately reflect the value of your home,” Mr Shannon said.
“Therefore, given current rates of inflation, for this large group of people in Ireland who do not carry out pre-renewal checks, this means – they are underinsured.”
He added that renovations, especially large projects, will also increase the value of the property, which needs to be reflected in the insurance policy.
https://www.independent.ie/business/irish/demand-for-tradespeople-soars-as-68pc-of-homeowners-plan-renovations-41847781.html Demand for handymen is increasing as 68 percent of homeowners are planning renovations