Homeowners put off maintenance to save money, survey finds

Monday, 13 June 2011 10:53 AM

New research has revealed that cash-strapped homeowners in the UK are putting off home maintenance projects to save money.

Nearly a third of respondents to the survey, commissioned by Gocompare, said they are delaying home maintenance and decorating jobs to save cash, while 22 per cent were off fitting a new kitchen and 17 per cent in a new bathroom suite.

The survey revealed that 32 per cent of Brits say that they really need to make some cutbacks to make ends meet.

The survey also found that in order to reduce their outgoings, eight per cent of people would consider not renewing their home buildings insurance and another eight per cent would consider not renewing their insurance for their home contents.

Gocompare.com’s head of home services Phil Paterson-Fox, says that while, in the current economic environment, it is a good idea to review finances. But it is important to, in order to save money now, homeowners don’t make false economies.

"Homeowners need to think carefully about the maintenance jobs they are putting off. While it may be ok to delay cosmetic redecorating jobs, essential repairs should not be ignored. Delaying structural repairs - a leaking roof for example, may lead to more damage and a bigger bill for repairs in the long-run than if it is dealt with promptly,” Mr Paterson-Fox said.

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