House-proud consumers hammer out new future

It’s time to get out the hammer-action drill and get into some serious renovation as the DIY season arrives.

Research shows that consumers are on a home improvement drive.

A study conducted by KBC Bank Ireland reveals that 41% of consumers are planning to tackle home improvement projects over the next 12 to 18 months, with a further 23% having just completed home improvement work in the past year.

A desire to freshen up the home (63%) and create more storage space (30%) are among the main reasons for home improvements. Almost one-third (32%) of prospective DIY-ers said they want to invest in their home as they plan to stay there. Among those who carried out improvements in the past year, 28% had done so to increase their home’s energy efficiency.

The majority (68%) are planning to spend up to €5,000 on home improvements, while 32% are expecting to pay more than that.

The number of customers planning to avail of a personal loan to finance their home improvements has doubled in the last year to 8%, with 5% intending to use a credit card and 69% intending to finance their home improvements from savings.

KBC has launched a home improvement loan which offers from €1,500 up to a maximum of €50,000. Consumers can also avail of the Government Home Renovation Incentive Scheme, which entitles any home owner to a tax credit of 13.5% of qualifying expenditure.

Rob Hurley, director of consumer finance KBC Bank Ireland, said: “It’s natural people want to invest in their living space and make their house a home. While the mortgage market is more buoyant, there is also a group of customers for whom home improvement is a priority.

“KBC’s new research shows that these consumers are house proud, budget conscious and prepared to shop around.”

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