Home improvements cost majority of homeowners around €5,000
Over the past year, 1.5 million homeowners in Ireland spent more than €11 billion on home improvements, reveals a survey commissioned by Aviva Insurance Ireland and carried out by iReach.
Additionally, 861,000 homeowners plan to do more work on their homes in the upcoming months – from creating home offices, applying new windows and painting.
The insurance company state this upward trend is “undoubtedly driven” by the amount of time people have spent in their homes due to the Covid-19 outbreak.
On average, it cost 72 per cent of homeowners under €5,000 for improvements, whereas it cost nearly a quarter (22 per cent) €5000-€20,000. Only five per cent of individuals spent between €20,000-€50,000, and only one per cent more than €50,000.
Also, the research reveals more than seven in 10 respondents of the survey say they plan to paint the interior and or the exterior of their home.
Other popular improvements are as follows:
- New soft furnishings – 27 per cent of respondents
- New carpets – 23 per cent of respondents
- New front door – 21 per cent of respondents
- New windows – 17 per cent of respondents
Two-thirds of people were focused on decoration projects to improve their homes – nearly half carrying out DIY work and the rest hiring tradespeople for the work.
Out of the 18 per cent of individuals who said they have not had work done on or in their homes but plan to, only eight per cent have no plans to undertake any renovation work or redecoration projects.
Factoring in the price of home improvements, renovations and, even working out the tax implications of creating a home office can be a trying process. To make it simpler for you, speak to one of our accounting experts today.