When consumers revamp their properties, they often focus on certain areas. For example, kitchens tend to get a lot of focus. After all, this area is often referred to as the “heart of the home”.
Bearing this in mind, demand for oak kitchen worktops and other similar products may be high at present. According to figures released by uSwitch.com, nine in ten UK homeowners have renovated their abodes over the last five years. The average cost of these projects was found to be £15,000.
Of these individuals, almost six in ten (58 per cent) have carried out extension work such as converting lofts, adding garages or putting in additional bathrooms.
Commenting on the statistics, personal finance expert at uSwitch.com Michael Ossei said: “We are a nation gripped by extension fever, with many people deciding to create more space in their existing home rather than move.”
Many of those who choose to enhance their houses or flats now head online to get the products they need. For example, by perusing the web, they can get their hands on solid oak worktops. Purchasing in cyberspace like this is convenient and it can also save consumers cold hard cash. There are some great deals to be found in cyberspace.
However, before they go ahead and install their new oak work surfaces, or make other changes to their properties, people may want to consider their insurance policies. According to uSwitch.com, many consumers fail to make the necessary adjustments to their financial cover when they undertake home improvements.
Indeed, it found that 52 per cent of those who have carried out such work have not informed their cover providers.
The price comparison site pointed out that most building insurance policies are based on the structure of homes as they stand when the policies are taken out. This means that adding new rooms or knocking through load-bearing walls can render them no longer valid.
On this subject, Mr Ossei remarked: “With all the emotional and financial challenges of building work, home insurance is often the last thing on your mind. It’s absolutely vital to get in touch with your insurer before you start on any home improvement project to see how it will affect your policy.
“If you are extending your home you are likely to be increasing the rebuild cost – so you will need to make sure this is updated with your insurer. You might need to buy specialist insurance if your home has been built in an unusual way – such as if it has timber frames or another non-standard feature. Plus, if any external windows, doors or walls are removed during building work, you will be more vulnerable to burglaries, so you also need to make sure you are covered for this.”
As long as people adopt a responsible approach to their home improvement projects and make sure they consider all the possible financial implications, they should be able to avoid any nasty surprises. Meanwhile, the results of property revamps can be impressive.
About the Author – Anna Longdin is a freelance blogger who contributes regularly to a wide range of lifestyle sites, including Worktop Express®.
