1 in 3 are planning renovations
Over a third of Irish homeowners have renovation work on their agenda for the months ahead, according to a recent AA Home Insurance survey.
As part of a survey of over 2,500 AA customers and members, 15.94% of those surveyed stated that they had already begun planning the renovation work that they would carry out this year. A further 18.99% of those surveyed indicated that while they had not begun planning yet, they were very likely to carry out renovation work over the next 12 months.
Meanwhile, almost a quarter (24.98%) of respondents indicated that they were somewhat likely to carry out renovations to their home, but remained uncertain on if they would do so within the next 12 months
“Many of us thinking that getting on the property ladder is the end of a long journey, but it’s really just the starting point as you’re going to spend the following weeks, months and years turning your new property from just a house into the place that you and your family will call home. However, it’s important to consider the potential implications that these renovations could have, particularly on the value of your home, to ensure that you have adequate insurance cover in place should the worst happen,” Arwen Foley, Spokesperson for The AA stated. “Many people take out home insurance when first buying their home and then largely forget about it, allowing their cover to simply renew annually without assessing how their situation has changed.
“For example, if you have an extension built onto your home or completely redesign your kitchen then it could increase the overall value of your home and you may want to consider increasing your home insurance cover to meet this new valuation. Similarly, renovation work often means adding potentially high value items to your home and it’s important to have these included among the contents insured under your policy or you could be left with expensive replacement costs in the event of a fire or theft.”
According to the survey, redecoration work is by far the most likely type of renovations which Irish homeowners will be carrying out in the year ahead, with 62.30% of respondents planning a change of décor in the year ahead. However, building work also appears high on the agenda for homeowners, with 15.62% planning on installing a new bathroom and 12.46% of those surveyed planning on having a new kitchen fitted
The majority of those planning renovation work this year are hoping to keep their manageable, with 41.76% indicating they would spend up to €5000 on works, and a further 15.86% hoping to spend under €1,00
“No-one wants to break the bank when it comes to home renovation work, but it is important to be careful with where you opt to cut corners in the hopes of making savings,” added. “You should always thoroughly vet any tradesperson that you are allowing into your home, but it can also be a good idea to contact your home insurance provider and ask for advice on what you are covered for should anyone working on your home cause accidental damage.”
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