New research has revealed that a significant number of Brits underestimate the cost of carrying out home improvement projects.

According to Halifax Home Insurance one in every four home makeovers results in overspending, leading to a total of £4.7 billion in unanticipated expenditure.

The study found that much of the overspending is deliberate, with 53 per cent of under-budgeting homeowners "getting carried away" and opting to upgrade fixtures and fittings or take on additional tasks.

A further 20 per cent attribute their DIY splurges on the unearthing of unexpected problems with their property during building work, while a similar proportion admitted they had simply got their sums wrong.

"It's interesting to see that the major reason for spiralling costs is often due to homeowners adding extras to a project half way through," said Martyn Foulds, senior claims manager at Halifax Home Insurance. "Clearly it is all too easy to get carried away with adding more expensive fixtures and fittings as the project unfolds."

The research also found that the average cost of a DIY project is £10,320, with typical overspending adding £4,690.

© Adfero Ltd

Author:  Joanne McCabe

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