Save to prevent a DIY debt

While insurance is often advised to protect against debt management problems arising from damage to homes, property owners may also want to consider how they may pay for home improvements.

According to research from Halifax, 80 per cent of people who took on home improvements the past year financed them with savings, which indicates many people are planning for renovations in advance.

Speaking about these figures, head of saving at the bank Tony Wilcox said they were “encouraging”.

“Using savings for such improvements means savers are really seeing the benefits of putting money aside,” he said.

He added that the study goes against “the buy now pay later culture” that many think is widespread in the UK.

However, the research also shows ten per cent of home-improvers risked credit card debt by paying for potentially expensive work with plastic. Some five per cent took out a personal loan for pay for work on their property.

This week, Fair Investment warned people to be careful to protect their credit card details from fraudsters.

By Morwenna Kearns

track

Tell others:

shortlink