A recent online survey of homeowners has revealed that many are now actively looking for ways to save money, as the realisation that the drop in their standard of living is not going to be a temporary blip, starts to hit home.
Many homeowners delaying projects
The survey carried out by a company that deals with home insurance quotes showed that almost a third of those questioned in the survey said they were putting off maintenance projects that really should be done, while over 50% said they would consider doing jobs themselves if it meant they would be saving money.
It’s not only maintenance jobs that are being delayed, of those questioned 1 in 5 said they had delayed the fitting of a new kitchen, while 1 in 6 said they had put off the installation of a new bathroom.
Difference between cosmetic change and urgent repairs
Of course it makes sense to delay home improvements that are simply cosmetic makeovers. If the family budget is being stretched, there is no point in spending cash that has to be borrowed when you are not sure how you are going to pay it back. Either do the job yourself, you can literally save thousands of pounds doing this, or try and put up with a dowdy room until your financial position improves.
Putting off home repairs is somewhat different however. If heating radiators are in need of repair then it is best to find money for the job. The radiator may leak and damage carpets and flooring which then becomes altogether more expensive, and even if you are covered with home contents insurance the resulting claim will see your future premiums rise. A leaking roof or window can mean even more trouble.
Cancelling insurance could be playing with fire
The survey also revealed that 1 in 12 homeowners were actually thinking of not renewing or possibly delaying their home insurance policies in a bid to save money. It is a dangerous option! We take out insurance basically to cover for the unexpected, and unfortunately the unexpected always happens when we least expect it, you can almost guarantee that delaying renewing a policy will invite accidents to happen.
Legal obligation
Another thing for those considering such an option is to remember that if the home is mortgaged the lender will legally require you to have a buildings insurance policy in place.