Take Care If You Want To Save Money Doing DIY Home Improvements
The news that house prices rose at their highest rate in one month in July since 2004 will have brought a little cheer to some people’s lips while those still hoping to get on the housing ladder may be disappointed but with the August bank Holiday upon us there will be plenty of people deciding that a little diy home improvements will be the way to spend their long weekend.
DIY should, perhaps, come with a wealth warning though as diy home improvements often end up as a botched job that requires and even greater amount of money to have it fixed by a professional than it would have cost to have done in the first place. While the recession continues to take it’s toll many people with little previous knowledge or experience are tempted to do jobs around the home that are beyond their limited abilities in order to save money. This is in fact a false economy as it is predicted that Brits pay a massive £1.5 billion to fix DIY jobs gone wrong, adding to their already hefty household debts.
Figures have shown that over a third (38 per cent) of Brits choose to spend their bank holiday working on DIY jobs, and an amazing one in ten of those projects will have gone wrong. To add to the cost there are something like 250,000 people who suffer DIY-related injuries every year, but debt management company Kensington Financial Management Consultants warns that such DIY disasters could lead to further unwanted debts.
It may seem like a good idea to use the break to put up a few shelves or repaint the front room but bank holiday DIY can prove to be a very costly mistake if it all goes wrong. Common accidents include flooding caused by drilling through water pipes or damaging a tap, flat screen TVs falling off the wall, flat pack furniture collapsing, paint being spilt on carpets, broken glass and electrics short circuiting.
Mark Love from Kensington Financial Management Consultants says: “With the housing market struggling to improve there has been an increasing trend of ‘improve, don’t move’. This has lead many to undertake a spot of DIY in a bid to save cash. But this can end up costing more in the long-run and most Brits can’t afford to take on any more debts. For more ambitious jobs, we’d recommend saving up to get the work done professionally.”
The average house decreased in value by £62 every day during the last 12 months, so it’s probably only really worthwhile doing jobs that are absolutely necessary or that will increase the value of the property by more than the cost of the work.
Many people become over-ambitious when it comes to DIY so here are some tips to avoid throwing a spanner in the works-
- Manage your money and work out exactly how much you will need to spend on tools, materials and equipment to finish the job and make sure you stick to this budget.
- Check your tools and make sure they are in good working order to reduce the risk of mishaps. Check that any equipment you use carries British or European quality or standard marks in the manual.
- Know your limits – If you are unsure of the extent of the job, call in an experienced professional. This may work out both quicker and cheaper as you won’t have to fork out for specialist tools and you may get a better end result.
- Check your insurance policies to see what you are covered for in case of an accident and make sure you would be covered for any accidental damage.
- Rushing a job can lead to a botched job so make sure you have the time to finsih the job and don’t leave the job unfinished, or sharp tools lying around.
Work and play safe and have a great bank holiday.
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