Non-decent homes ‘could impact debt management’
Debt management efforts could be hit by the need to renovate homes to a decent standard, it has emerged.
The English House Condition Survey conducted by Communities and Local Government reveals more than a quarter (27.1 per cent) of domiciles in the UK are classed as “non-decent” for human habitation.
And the average price of raising these properties to the necessary standard is £7,489, according to the department.
Jason Orme, editor of Homebuilding & Renovating, warns that insurance costs could further hamper debt management efforts.
“If you are undertaking substantial work and you need to move out then you need to obtain specialist renovation insurance,” he explains.
“That’s very similar to the insurance people take out when they’re building their house.”
He adds that smaller extensions or loft conversions could be covered by a specialist small-level policy in order to ensure financial security should anything go wrong.
Expert advice could assist Britons wishing to carry out extensions to identify the possible negative implications for their debt management efforts.
Leave a Reply