Friday, March 31, 2023

Trader demand soars as 68% of homeowners plan renovations

Trader Demand Soars As 68% Of Homeowners Plan Renovations

Irish homeowners planning home renovations now anticipate challenges due to rising costs and the availability of dealers, according to the latest research from Aviva.

While 68% of homeowners are looking to renew in the next year, a fifth of them say the price of updating the home, as well as a lack of available dealers, are likely to deter them from completing their plans.

This was particularly evident for homeowners in Dublin compared to the rest of Ireland. More than a quarter of those surveyed in Dublin expect difficulties compared to just 7% in Connacht and Ulster.

Women are more likely to take on renovation jobs, according to Aviva. It is also people aged 45 to 54 who choose to take charge of the reform themselves.

“The results show that a large number of people want to renovate, and while some people will undertake renovations, both large and small, in their own hands, for others insure dealers for the works, combined with the high costs of labor and materials means plans may have to take a backseat for the foreseeable future,” said Aviva managing director of personal lines Billy Shannon.

The survey of more than 1,000 Irish people also revealed that less than 20% of those included in the research are sure they have adequate home insurance.

Nearly half of 25-44 year olds say they never check their cover, compared to 31% of those 55 and older.

Another 4 in 10 never review the cost of rebuilding their home, a factor that may have changed in recent months due to inflation.

“If you don’t change the price of this every few years, there’s a good chance your policy isn’t an accurate reflection of the value of your home,” Mr. Shannon said.

“So, given current inflation rates, this means that for that large cohort of people in Ireland who don’t review before they renew, they are underinsured.”

He added that renovations, particularly large-scale projects, will also increase property value, which should be reflected in the insurance policy.

Nation World News Desk
Nation World News Desk
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