Many homeowners are being so careful with their money that they won’t make any home improvements until they have enough savings to fund the project, according to research from AA Financial Services.
The findings show that one in ten is planning some changes to their home. The most popular is redecoration, which 42 per cent say they’ll do. That’s followed by a new kitchen (27 per cent), garden improvements (26 per cent) and a new bathroom (25 per cent).
Using savings is by far the most popular way of funding a project (47 per cent), with money from a bank account a distant second (16 per cent). The third most popular choice is to use a credit card, which just 7 per cent say they’ll do.
Mark Huggins, director of AA Financial Services said: “Although times are tough, there are still people who want to ‘do up’ their home, and of course, making some home improvements is cheaper than moving.
“Although the improvements people are looking to make are considerably cheaper when compared to moving, you can never start saving too soon. Hopefully when you’re ready to make some bigger changes, or move, you’ll have enough put away to do so.
“Even though consumers are willing to use their savings to pay for home improvements it’s still a good idea to have some money set aside ‘just in case’.”
Mr Huggins added: “People seem to be most keen to pay with savings, which is likely because they’re being cautious. If you’re careful with your finances and take the time to look around you may find that there are other options available which fit your needs.”
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