65% of Brits have overspent on a DIY/Home-Improvement project.
New research has revealed that the average DIY-er overspends by an average of £307, equating to a huge £3bn in overspent home-improvement projects.
The research, for Rated People, has found that two thirds (68%) of us do not set any kind of budget for projects that are likely to cost more than £100. With costs then rising above expectations, 31% of us have had to put a home improvement project on hold, with just under half (46%) admitting this is mainly due to materials being more expensive than expected. Almost a fifth (18%) have put a complete stop to a project due to money completely running out.
It seems that when we do try and set a budget, we still get carried away – only a fifth (21%) remain within budget. 10% of us completely blow the budget out of the park, and our savings are most hit with the additional costs. Two thirds of us (66%) are even dipping into our rainy day fund to complete the project. While a quarter of those surveyed turn to mates for help, almost a fifth resort to borrowing from loan companies.
What’s more, 73% of Brits have rated their home improvement skills as basic, being only able to carry out minor repairs and painting and decorating a room.
View the full case study here to find out how we carried out this research and the coverage it generated.