Don’t bust your DIY budget

Do you have lockdown DIY projects that have spiralled over budget and out of control? You’re not alone, finds Vicky Shaw

Many households have used some of the time they’ve had on their hands in recent months during lockdown, to finally get around to tackling DIY projects.

However, some are now paying the price for work they perhaps wish they’d never even started.

Nearly a third (31%) of people across the UK who’ve tried their hand at DIY since lockdown started in March, admit it’s now likely they’ll be calling in a professional to correct, improve or complete projects, according to a new survey from Shawbrook Bank‘s personal loans division.

So, what are these dodgy DIY decisions costing people? And is there a more budgetfriendly way of finishing the job?

How much do homeowners now expect to fork out to put projects right?

Dissatisfied DIY-ers are expecting to spend an average of £552 dealing with their mishaps. Looking at why projects have gone unfinished, more than a third (34%) say that other priorities have simply got in the way of them being able to complete their work, the survey found. A fifth claim they have been overwhelmed by the extent of the work involved.

A significant number also miscalculated the costs involved, with 20% also saying that budget restrictions were the main reason they weren’t able to finish the project.

The majority of those surveyed had undertaken smaller scale projects, such as decorating or laying flooring, or putting together furniture. But some had been more ambitious, by trying to renovate an entire room in their house, for example.

What do the experts say?

DIY expert Chris Rice, says: “We’ve already been getting calls from lockdown DIY-ers in need of help. Most recently was a gentleman who had attempted to convert a flat roof above his property into a roof garden, and caused a leak by nailing things in incorrectly. Another attempted to fix a leak in his shower and almost flooded the floor below.

“It’s also worth noting that sourcing materials remains a challenge,” adds Chris.

“It’s plaster and paint that have caused the main issues, but smaller things like door hinges and handles have been much harder to get hold of too.

“While these uncertain times continue, waiting times are likely to be that bit longer and more unpredictable.”

What to consider before tackling a DIY project

Paul Went of Shawbrook Bank, says: “No matter how straightforward a project may seem, there can be complications or reasons why people aren’t able to finish the work themselves. It’s therefore a good idea to approach any work with careful planning, and a contingency plan in case you need to inject some extra cash.

“To maximise return on investment and avoid overstretching your finances, you want to minimise any unexpected costs by setting out a clear and realistic cost plan,” adds Paul. “If a project looks set to go over budget, explore all your options before deciding how you will finance any overspend.

“If you don’t have savings to dip into, decisions around borrowing should never be rushed.”

DIY expert Chris Rice from Sterling Building Services