As property prices rise, homeowners are increasingly turning to renovations to improve their existing homes, with redecoration, extensions and flood-resilience works all on the agenda.
According to a new survey by AA Home Insurance, more than half of Irish homeowners are planning to make improvements over the next 12 months, spending an average of €5,000.
The survey, which questioned 11,000 people, found 36 per cent said they would “probably” make improvements, while 21.1 per cent said they definitely planned making changes, ranging from redecorating to garden improvements and furniture. The average investment is under €5,000, with almost 60 per cent limiting themselves to that spend. But some plan on spending as much as €50,000, with Dublin homeowners likely to invest more than those elsewhere in the country. According to the survey, just over 3 per cent of Dublin homeowners are planning to spend more than €50,000 on refurbishments, compared with a national average of 2.8 per cent.
Flood-resilience
Those in Connacht are less likely to carry out refurbishments, with just over a quarter saying they were unlikely to or definitely not planning any home improvements. Younger homeowners were also more likely to carry out flood-resilience works.
"As we move into 2017 it appears that home improvement is high on the priority list for the majority of homeowners in Ireland. Given the increases that we have seen in house prices recently, more and more existing homeowners are opting to renovate and improve their homes and avoid the cost of relocating," Conor Faughnan, AA director of consumer affairs said. "While renovating can indeed prove cheaper than moving home, it's important to plan ahead and budget accordingly in order to avoid what was initially a minor improvement setting you back a small fortune."
The AA survey found a gender split emerged too, with women more likely to refurbish their home but planning to spend less to do it. Just over 15 per cent of women said they would spend more than €10,000 on home improvements, with almost 20 per cent of men saying they planned to invest the same amount.
