- British homebuyers are splurging a total of £978,979,213[i] in the first year of owning home
- Top improvements home owners carry out are painting walls, changing flooring and renovating bathrooms totalling £201,338,076[i]
- D-I-Tryers urged to check insurance to avoid costly mistakes this Bank Holiday weekend
New research from LV=, one of the UK’s largest home insurers, shows that new British homeowners spend £978,979,213[i] on home improvements including painting walls, changing flooring and renovating bathrooms in the first year of living in a new house.
The research found the average cost per household is £1,122 – the cost of a couples’ break to the Caribbean for a week or a family of four stay at Disneyland Paris[ii]. However, this bank holiday weekend – when many people will be turning their hand to sprucing up the house – insurer LV= is warning this cost can rise significantly if DIY ‘tryers’ (or D-I-Tryers) get caught out by home maintenance mishaps.
According to the research of 3,000 people, the top three changes homeowners make to their properties in the first year are painting walls (£17,255,003)[i], changing flooring (£101,262,548)[i] and renovating bathrooms (£82,820,525)[i].
LV= also lists some of the most common things people should watch out for when attempting DIY this weekend:
- Smashing windows with a ladder - You can't avoid using a ladder for some DIY projects. Take care when clearing out gutters for example, that you don’t break window glass in the process. Avoid smashing upstairs windows by correctly positioning your ladder before climbing up it.
- Drilling or cutting into electrical wires – Before you drill into the wall to put up that shelf, or hammer a nail in to hang a picture, use a wire and pipe detector to discover where the electrical cabling is in the walls. Damage to electrical wires can be costly to repair – not to mention dangerous.
- Splashing paint - One of the most common DIY disasters is spilling paint on carpets and furniture when decorating. Thoroughly prepare for your paint job by removing any furniture that might get damaged and covering everything (especially carpets) with old sheets. Carry and store pots of paint carefully, and banish pets and small children from the room when you’re ready to start!
- Drilling through pipes – Simply hanging a mirror in the bathroom could quickly become a disaster if you accidently drill through a water pipe. Avoid flooding your house by using a wire and pipe detector and your common sense when it comes to where pipes are likely to be.
- Flat pack frustrations – Most people come a cropper with flat pack furniture and can end up botching the construction because the instructions seem too complicated. Read and follow the instruction book carefully and take your time to assemble your new furniture. If you’ve built a shaky TV stand that can’t take the weight of your telly, it could result in a costly accident.
LV= is offering customers 25% off when they apply online for home insurance. For more information visit https://www.lv.com/home-insurance.
About LV=About Liverpool Victoria General Insurance Group Limited
Liverpool Victoria General Insurance Group Limited (LVGIG) is an LV= branded strategic partnership between LV= and Allianz Holdings Plc, following the sale of a 49% stake in LV=’s General insurance business on 28th December 2017, creating the UK’s third largest personal insurer with over £1.7 billion annual premium income and serving over 6 million customers.
LVGIG is a holding company employing over 3000 staff and incorporating two regulated insurance companies. Liverpool Victoria Insurance Company Limited (LVIC), registered in England and Wales number 03232514 and Highway Insurance Company Limited (HICO), registered in England and Wales number 03730662, both registered at County Gates, Bournemouth, BH1 2NF are part of the Liverpool Victoria Group of companies and are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. (LVIC FRN number 202965 and HICO FRN number 202972).
LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Friendly Society Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria Group of companies.