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First Time Buyers Feel the Heat from DIY Disasters

New homeowners are spending twice as much fixing DIY mistakes as they are on stamp duty. First time buyers might think they are getting a bargain by snapping a cheaper property and carrying out their own renovations. It seems in reality, doing it themselves is costing them dearly.


DIY disasters cost more than stamp duty, Towergate Insurance


Underestimating the cost of work can be expensive

With continually soaring house prices, over a fifth of first time buyers who are eager to get on the property ladder are turning to lower priced properties that need ‘doing up’ and cutting costs by carrying out the work themselves, spending £4,600 in the process. However, on top of the initial cost of the work more than a quarter (27%) of new home-owners have forked out extra cash for a professional contractor to fix their mistakes – costing an average £2,358.

According to the Office of National Statistics (ONS) the average price paid by a first time buyer stands at £180,677** having risen 8.6% in the past year, with a typical new home-owner paying £1,114 on stamp duty – half as much as they are paying fixing DIY disasters.

First time buyers are also shunning relaxing summer breaks and taking nearly a week’s holiday allowance (4.8 days) to carry out DIY and home renovation work. 

Top tip! Make sure your home insurance includes accidental damage just in case your DIY attempts go amiss and for bigger jobs look at home renovation insurance.

Most common DIY projects undertakenMost common DIY disasters fixed by contractors
1. Painting and decorating 1. Electrical wiring
2. Garden landscaping 2. Kitchen and bathroom installation
3. Kitchen and bathroom installation 3. Appliance installation and repair
4. Carpentry 4. Building work
5. Painting and decorating 5. Loft conversion

We asked our experts for their advice to home-owners

Annie Plaskett, Towergate spokesperson said:

“Given the cost to get on the housing ladder, it’s not surprising first time buyers are looking for cheaper properties which require work. It also means they are looking to save costs on employing contractors choosing to do it themselves or use family and friends. However, as our research shows, undertaking ambitious projects with little to no formal training can leave new home-owners seriously out of pocket. To make matters worse, often accidents and mistakes aren't covered by standard home insurance policies, making it more important to speak with your insurer before putting hammer to nail.”



Unoccupied homes and property renovation

This is a marketing article by Towergate Insurance.

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