As living costs rise, homeowners reconsider home improvements

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A decorator recently came to our house to provide a quote for some painting work. He was fairly adaptable in terms of when he could do the job. “I’m nearing the end of two and a half years of boom time,” he lamented. “People were pouring money into home improvements because they couldn’t take vacations or go out during the lockdown — but inflation has put a stop to that.”

Consumers are clearly having to cut back on their plans as household budgets become increasingly stretched. According to Nationwide’s monthly spending reports, spending on home improvements and do-it-yourself fell by 7% in June and 8% in July compared to the previous year.

Householders are increasingly looking to save money on property management Dubai as living costs continue to rise, according to new research.

A study by comparison website MoneySuperMarket found that three in 10 (29%) homeowners have put off home improvement plans in the last year, with a further one in 10 (11%) cancelling or postponing work altogether.

The most common reasons given for doing so were affordability ( cited by 36%), followed by a lack of time (24%), not being able to find a tradesperson (19%) and Brexit uncertainty (9%).

As well as cutting back on their own home improvement plans, homeowners are also becoming more reluctant to spend money on friends’ and family members’ homes. One in four (23%) said they had scaled back or stopped altogether giving money to loved ones for home improvements in the last 12 months.

Kevin Pratt, consumer affairs expert at MoneySuperMarket, said: “It’s no secret that household budgets are under pressure, with inflation outstripping wage growth for much of the last few years.

“As a result, we’re seeing people put off making improvements to their own homes, and becoming more reluctant to help out financially when friends and family members want to make changes to their properties.

“But there are still ways to keep costs down if you’re determined to press ahead with home improvement plans. For example, comparing quotes from tradespeople is a great way to get the best deal, and there are a number of 0% credit cards on the market which can help spread the cost of larger projects.”

The research also found that one in five (20%) homeowners have taken out a loan to fund home improvements in the last 12 months, while 14% have used savings and 11% have put the work on a credit card.

Pratt continued: “It’s important to remember that however you finance home improvement work, it’s still an expensive undertaking. Make sure you understand the full cost of any project before committing to it, and consider whether it’s really worth going ahead if it means putting your finances under strain.”

If you’re planning to carry out home improvements in the near future, make sure you compare quotes from a range of tradespeople to get the best deal from property management companies in Dubai. You can do this easily and quickly using a comparison website like MoneySuperMarket.

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