Are you spending enough on property maintenance?
Most UK homeowners spend less than £250 maintaining the outside of their property each year, running the risk of their homes falling into disrepair, according to new a new survey.
Despite the average household spending £714 on their property exterior each year, 57% of households spend less than £250, claims Lloyds Bank Insurance.
The lack of investment is worrying some homeowners, who think the value of their homes could be hit by neighbours letting their houses fall into disrepair - 34% of owners criticise untidy gardens and outdoor areas in their communities, while 18% say neighbouring buildings aren’t up to scratch.
“Homeowners place a high value on their outdoor spaces, yet there is a significant lack of investment in the upkeep of these spaces, says Tim Downes, senior claims manager at Lloyds Bank Insurance.
“It is important that homeowners take care of their properties, not just for aesthetic reasons, but also to prevent the risk of maintenance problems such as damp, leaking roofs and poor guttering, which, if left, can be expensive issues to rectify.”
By contrast, average spending on property interiors is £3,579.
According to the survey of 2,000 homeowners, kitchens attract the most investment, with the average household spending £938 a year. The typical spend on a living room or bathroom is £584 and £527 respectively, while the average household spends £423 per bedroom each year.
Everything you own: all your assets (property, cars, investments, savings, insurance payouts, artwork, furniture etc) minus any liabilities (debts, current bills, payments still owed on assets like cars and houses, credit card balances and other outstanding loans). When you’re alive this is called your wealth; when you’re dead, it becomes your estate.