Nearly three out of 10 (29 per cent ) homeowners and renters in Ireland cite rising maintenance costs as their biggest concern when it comes to their home, according to a new survey.
The survey, which polled 1,000 people nationwide, revealed the rising cost of home maintenance as the number one worry, while the increased incidences of flooding and extreme weather events, the rise in burglary rates and an unexpected large repairs bill came in at joint second place, with these being the primary woes of 15 per cent of survey participants.
“Irish homeowners and renters have been battling with rising living costs for almost two years, with the latest official figures showing that consumers have endured their 23rd straight month of annual inflation being over five per cent," said Paul Walsh, CEO of Peopl Insurance, which commissioned the survey.
"Inflation in home maintenance costs is even higher, with a nine per cent annual increase recorded in the cost of services for the maintenance and repair of homes. This consistent high inflation has put huge pressure on Irish people, as evidenced by numerous reports over the last year, including a recent report by the ESRI which pointed to a significant rise in the number of people who can’t afford two out a list of 10 essential items, such as a warm winter coat or a weekly roast dinner.
Against this backdrop, it’s perhaps no surprise that rising home maintenance costs are a major source of worry to so many homeowners. However, that level of concern warrants attention. Having a safe, secure and comfortable home is crucial – for the most part, a good home is the foundation of stable individuals and families. People need to be able to maintain and look after their home and rising living costs mean many simply cannot afford do so.”
The survey also found that for one in 10 (11 per cent ) homeowners and renters, the issue of most concern around the home is their ability to afford their mortgage repayments and rent. Meanwhile, just eight per cent of people polled said they are not concerned about anything in relation to their home. Men (12 per cent ) were more than twice as likely as women to feel this way (five per cent ).
Those over 55 are most likely to be concerned about an unexpected large repair bill – with almost one in five (19 per cent ) citing this as their main concern. As much of this age cohort are retired, their income is fixed and possibly modest, and so they could possibly struggle to afford a large bill. It is also possible that a significant portion of this age cohort might live in older properties which might require a higher level of maintenance as a result.
“From runaway inflation to rising mortgage interest rates to more frequent extreme weather events, many homeowners are grappling with issues which they have never encountered before," Mr Walsh added. "It is clear from our research that many are feeling increasingly vulnerable as a result, and an interesting insight was that regardless of what socio-economic group you fall into, our survey would suggest that are worries are all the same. A significant portion of people are worried about the rising cost of maintaining their home and their ability to cover the cost of an unexpected repair bill. Against all these challenges, it is crucial that homeowners have adequate home insurance to protect themselves.”
