DIY bunglers risk reducing property's value
DIY bunglers risk reducing property’s value
0 Comments | Herald, The; Glasgow (UK), May 1, 2010 | by name 123 title 777
THOUSANDS of Britons have carried out home improvements in the hope of boosting the value of their property, but many may actually have reduced it, says an insurer.
Around 27% of homeowners admit they have undertaken electrical jobs without professional help, while 22% have attempted plumbing work, and 9% have tried their hand at structural improvements, such as removing walls.
A further 6% have even tried to carry out major building work themselves, such as a loft conversion, while 3% have tackled potentially dangerous gas repairs, according to LV=.
But the group warned that while many homeowners had carried out the improvements in the hope of increasing the value of their property, if the work was done badly it could actually reduce a home’s value by as much as 5%.
John O’Roarke, managing director of LV= home insurance, said: “With house prices falling or stagnating in some parts of the UK, it’s understandable that many homeowners should try to bump up the value of their properties through DIY home improvements.
“Not only could bungling these jobs be dangerous, and costly to put right, but if they caused a serious problem it could invalidate the home insurance cover.”
Even if the work is done well, homeowners are likely to be disappointed with the impact it has on the price of their property. A fifth thought redecorating would add most value to their home, followed by 14% who thought refurbishing the kitchen would do so, while 12% thought improving the garden would have the most impact on their asking price and 6% rated replacing the bathroom.
But seven out of 10 estate agents said redecorating would make no difference to the value, while 64% believed the same about landscaping the garden. One in five estate agents also thought a new kitchen would have little impact.
Instead estate agents thought structural work, if done well, was most likely to boost a property’s value, with a good loft conversion likely to increase the asking price by around 8%.
But even then, they warned homeowners were unlikely to recoup all the money they had spent on having it done.
Opinium Research questioned 2,012 people in March and PCP Research questioned 205 estate agents in March.