 |
Consumers Planning Home Improvements
Author: Abbi Rouse  | Posted: 11-06-2008 | Comments: 0 | Views: 2 | Rating: (50)  (?) 
Recent research by Sainsbury's, bank has indicated that 21 per cent of homeowners are looking to make major structural improvements to their home in the coming year.
The group notes that the slowdown in the housing market may be having a marked effect on people's home improvement plans, with many looking to boost the value of their home rather than risk moving. And it seems people are willing to spend large sums to add equity to their current property, with an average home refurbishment spend of 17,361 pounds for those planning to make improvements. Of those intending to embark on such projects nearly a fifth (19 per cent) said they intended to spend more than 20,000 pounds.
For those looking to find an effective way to fund substantial property renovation, taking out a home improvement loan may be of assistance. By electing for this type of loan, people could find they have can raise enough funds to employ professional tradesmen to ensure that the job is done properly, and therefore minimising the risk of claiming on their insurance.
Doing so may be of particular interest to the one per cent of respondents who said they intend to spend between 100,000 and 200,000 pounds on major refurbishment and structural development to their property in the coming year. Regardless of overall spend, Sainsbury's urged all homeowners to check with their insurer before commencing work that will affect the structural layout of their property. The group reported that a failure to do so could result in them invalidating their policy and being left without cover. Results from the firm suggest that as many as a third (33 per cent) were unaware of the fact that neglecting to do so could put them in such a position.
Neil Laird, home insurance manager at Sainsbury's Finance, said: "In the current housing climate, creating extra space in your home is another option for those who have maybe decided to put their plans to move on hold. But, as buildings insurance premiums are calculated based on the type of house, for example the number of bedrooms it has, creating extra rooms can have an impact on your premium even if you have unlimited cover. We want to make sure that homeowners are aware that they could be left underinsured or even invalidate their insurance entirely in the event of an incident during or after the works if they have not informed their insurer first."
In a breakdown of the work scheduled in British homes in the next 12 months, Sainsbury's Bank suggested that as many as 1,344,000 people are planning a loft or roof conversion, while a further 1,186,000 intend to erect a conservatory. Rear extensions are a priority for 949,000 and 713,000 want to build a garage extension. For those wanting a cheap option to fund their project, a cheap home improvement loan is worth consideration.
An earlier report from Alliance & Leicester Personal Loans revealed that many Britons are finding inspiration in DIY programmes such as Changing Rooms, Grand Designs and 60 Minute Makeover. The group added that such projects can have more than an aesthetic impact on the house, with home renovations said to add as much as 10,000 pounds to the value of a house.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Source: http://www.articlesbase.com/finance-articles/consumers-planning-home-improvements-445768.html
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Credit Card Company Unfairly Raised Rates
By: bluyu | 08-09-2008
I have a perfect credit history and no credit card debt... yet my credit card company just raised my rate to 29%!!! What can I do?
I can't handle much more
By: kia | 08-09-2008
I lost my job in CA and paid cash for a home in Texas with my savings, rented out my house in CA to make the payments and moved in March of this year. I intended to find a job (have 30 yrs experience) in Texas and continue to rent out the house in CA until the market came back up and I could sell. I built the house and have lived there 27 years so not a minor decision. THEN my mother died in CA in April and being the successive trustor I had to come back to Ca to handle her affairs and try to rehab her 60 yr. old, woefully neglected house and get it sold before the reverse mortgage forecloses. THEN my tenant called and said he lost his job and can't pay the rent anymore. THEN 2 weeks after the tenant moved out the squatters moved in. I got them out but they have destroyed the carpeting, removed walls, used the toilets without water and without being able to flush, torn down fencing and appear to have been packaging marijuana in large quantities in the laundry room which they turned into a bedroom complete with mattresses on the floor. They stole or removed ALL of the plants in the flowerbeds and even though this is large property with garden areas, they planted corn, tomatoes and squash in the frontyard flower beds. The house next door to mine and the house next to it have both been foreclosed and sold for less than 1/2 what was owed. The neighborhood has become terribly blighted and property managers tell me they are overstocked with houses and no renters and are not taking on any new clients. I can't sell the house for even close to what it is worth. I can't rent it out for fear of drug dealers or otherwise criminal activities being done on the property. Rents in the area are now are so low that it wouldn't even begin to make the payment. I can't reduce the payment because it is interest only as it is. I am current on the payments right now but that can't last much longer and I can't afford to hire private security to insure that the squatters don't come back once I go back to Texas. Can the lender on the CA house attach my home in Texas if they foreclose? Can they attach wages, bank accounts ect. when I do find a job in Texas? If the lender can't sell the house for what is owed (very likely to happen) do I have to pay income taxes on the difference between sales price and amount owed?
Can a person gift an immovable property to any one ...
By: jk | 08-09-2008
Can a person gift an immovable property to any one son when he has made a will for dividing that property among three sons. if so, what is the procedure?
What is a stock redemption calculation?
By: Rabts | 07-09-2008
What is a stock redemption calculation?
Columbia gas of virginia my gas was shut off for ...
By: mll24401 | 07-09-2008
columbia gas of virginia my gas was shut off for non payment and i paid this bill throgh my debit, it came out of my account on aug 21 2008 i had no gas service all weekend due to columia gas neglence. very upset
Property when not married
By: kelsey | 07-09-2008
my fiancee' and I have been together for 10 yrs, though MD does not recognize Common law marriage. House is in his name, though since it's purchse, we split all expenses 50/50. His will indicates I would get the home if he died first. I fear his ex wife would attempt to take it for the children. Anything we can do to to assure this doesn't happen, short of getting married?
Q&A Powered by: 
Latest Finance Articles
Understanding Debt Consolidation Loans
By: Richard Greenwood | 07/10/2008
It can be all too easy to end up in debt and especially during the current times of financial uncertainty you may find yourself unable to make repayments. Consolidating your debt can make your debts easier to manage and lower your interest charges meaning you become debt free faster.
Credit Card Comparison
By: Richard Greenwood | 07/10/2008
Credit card offers are everywhere and all claim to out do each other. How do you cut through the marketing talk and understand the key features you need to compare to make an informed decision. Find out with this informative article on credit card comparison.
Shopping For Auto Insurance
By: Brenda Williams | 07/10/2008
When you get your license for the first time before you begin driving you need to get car insurance as it's mandatory to have car insurance while driving. Car insurance can be rather expensive, especially for new drivers which is why you'll need to ensure that you're getting the best...
Taking 100% Responsibility - the Prerequisite for Creating Money & Marriage Success
By: Leslie Cunningham | 07/10/2008
It's a simple concept, to refrain from blaming and complaining, and yet it's a challenge to change a habit, especially one that everyone else has. Like sticking to your diet, when everyone else around you is enjoying chocolate cake. Keep reading and you'll find out how this relates to your marriage and finances. Then I'll share some action steps to help you become 100% responsible for your life.
Retirement Income Investing and Your Portfolio
By: Steve Selengut | 07/10/2008
Brokerage firm monthly statements are designed to promote either fear or greed, depending on the current market environment. Nowhere on your statement can you find numbers that report your net investment, your total working capital, or your true asset allocation. Current and projected income numbers are given little attention
Buy to Let Investors Get a Boost
By: Parmdeep Vadesha | 06/10/2008
Buy to let UK investors are in a prime position to take advantage of a new government plan to spur property market activity. The scheme aims to permit property buyers to buy properties worth up to
How to Buy a Repossessed Property for Below Market Value
By: Parmdeep Vadesha | 06/10/2008
Buying a repossessed property is what matters for investors who are keen on reaping high profits. But even with the advantages it poses, there are certain aspects you need to be aware of before you start on the task of acquiring your next property cheaply.
Brits Should Ensure They Have the Cheapest Energy Supplier
By: Abbi Rouse | 06/10/2008
With energy prices escalating steadily, consumers could knock considerable amounts off their utility bills by switching from their areas default supplier.
More from Abbi Rouse
Brits Should Ensure They Have the Cheapest Energy Supplier
By: Abbi Rouse | 06/10/2008 | Finance
With energy prices escalating steadily, consumers could knock considerable amounts off their utility bills by switching from their areas default supplier.
Finance Brokers Want New Laws for Secured Loans
By: Abbi Rouse | 29/09/2008 | Finance
Following the publication of new white paper on the future of the future regulation of the secured loans industry, the Association of Finance Brokers (AFB) has called upon intermediaries to give their thoughts.
Football Fans Cannot Afford to Watch Their Team Live Because of Crunch
By: Abbi Rouse | 10/09/2008 | Finance
Football clubs may become the latest high profile casualties as consumers continue to do battle with the credit crunch, Virgin Money has claimed.
Drivers Do What They Can to Reduce Fuel Costs
By: Abbi Rouse | 08/09/2008 | Finance
With petrol and diesel prices putting a strain on many British drivers' pockets, Saga has claimed that large numbers of motorists are going to extreme lengths in an effort to try and make their fuel go further.
Inflation Spike Preventing Interest Drop
By: Abbi Rouse | 01/09/2008 | Finance
The Bank of England will be more able to reduce interest rates once the "spike" of inflation has passed, it has been claimed.
Better to Spend More on Your Holiday
By: Abbi Rouse | 26/08/2008 | Travel
Paying a little bit extra for a holiday could in fact bring more peace of mind to consumers both before the break and while they are away, it has been claimed. Indeed opting to choose a reputable tour operator can lead to greater protection from the prospect of things going wrong, a spokesperson for the Association of Independent Tour Operators (AITO) has said.
Consumers Being Turned Down
By: Abbi Rouse | 23/08/2008 | Finance
Up to 450,000 consumers are applying for mortgages or loans before they get accepted, new research has revealed.
Capped Price Energy Deals not Being Taken Up
By: Abbi Rouse | 19/08/2008 | Finance
More than half of householders were unable to secure a capped price energy tariff prior to the latest round of price hikes, the Motley Fool has indicated.
|
|
Finance 
