MORE than half of homeowners are planning renovations in their homes this year.
The average cost of the proposed works is around £6,800, according to a survey commissioned by Aviva Insurance Ireland.
Homeowners have been advised by the insurer to be careful before hiring contractors to carry out any renovation work on their home and to ensure they only hire reputable, experienced and insured people
The survey, conducted by iReach Insights of 1,000 people across the country, found that the majority of those planning renovations intend to spend less than €10,000.
But around 12 percent of those surveyed are planning more extensive work and estimate spending between 20,000 and 50,000 euros.
Only 2% of those surveyed said they wanted to spend more than €50,000.
Painting the home’s interior is the most common renovation job, according to the research commissioned by Aviva.
Garden work follows.
The third most popular option has homeowners focus on energy efficiency upgrades.
A large number of homeowners who plan to spend money on work on their homes, despite severe pressure on the cost of living. Savings built up during the pandemic may account for much of the spending.
The survey found that most homeowners who plan to spend between €10,000 and €50,000 on renovations are between the ages of 35 and 44.
Households more likely to undertake renovations costing more than €50,000 are those aged 55 and over, according to the survey.
Men are more interested in gardening than women are in kitchen, bathroom or bedroom work.
Aviva’s Billy Shannon said the latest survey builds on previous surveys the insurer commissioned that showed people are spending more time at home as a result of the pandemic.
“While average spending last year was slightly higher at €7,343 compared to €6,805 this year, 12 percent of respondents in this year’s survey said they plan to spend between €10,000 and €50,000 this year, compared to just 5 percent last year. “
He advised homeowners to exercise caution before hiring professionals to do any renovation work on their home and to ensure they only use the services of reputable, experienced and insured individuals.
“Referrals are often a good way to select a trustworthy contractor,” said Mr. Shannon.
About 80 percent of those surveyed said they had no plans to move at this time.
But one in five said they had either moved or were planning to move since the outbreak of the pandemic.
The survey found that 7 percent of those planning to move want to buy a home this year, with some saying the choice is very limited.
A similar percentage of renters have either moved or are planning to move somewhere cheaper, highest among 25-34 year olds.
Some have moved back into the family home, most of them are between 18 and 24 years old.
Only 3 percent of respondents have bought a new home since the pandemic. These people are most likely to be between 35 and 44 years old.
Mr Shannon said: “Rising house prices and rents across the country, coupled with limited supplies for both, are undoubtedly causing difficulties for those hoping to buy or rent a new home.”
He said the results of the Aviva research showed that this is particularly evident among the younger age cohorts who are saving for or looking to buy their first home.
The survey found that many younger respondents who currently rent their homes say they either want to move to a more affordable location or move back into the family home.
https://www.independent.ie/business/personal-finance/half-of-homeowners-planning-improvement-works-41931300.html Half of homeowners are planning improvement work