Property development finance needed for young adults?

24 August 2010

Written by Michael Aglony

Young homeowners could be looking for property development finance as they lack the DIY skills to improve their properties themselves.

According to figures from Halifax Home Insurance, many under 35s are unable to wire a plug, put up wallpaper or bleed a radiator and so would call in the professionals instead.

Around four in ten said they would hire a tradesman to carry out the jobs for them.

Doing this and perhaps setting up property development finance could be the cheaper and easier option, as botched DIY jobs are leaving the under 35s £2,498 out of pocket.

"A significant number of younger householders could be storing up problems for the future, as the lack of home maintenance starts to take its toll on their homes," warned Martyn Foulds, senior claims manager for Halifax Home Insurance.

It is always worthwhile using a professional for larger or complicated jobs to avoid the risk of things going wrong, he added.

One thing young homeowners can do themselves is take action to improve energy efficiency.

Environmental group Sustain recently highlighted the importance of insulation and changing behaviour, such as not overfilling the kettle.

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