Sloppy DIY reduces house value and can invalidate insurance

With the recession meaning that the majority of us are having to tighten our belts, it is not surprising that many of us are trying to cut costs when it comes to DIY projects.

Recent research from LV= (Liverpool Victoria) shows, however, that this may not be a wise move.

Many homeowners feel that, with property prices stagnating, they will be able to increase the value of their homes with a spot of home improvement. According to estate agents, though, this is not always the case. Many of the improvements which we as owners think will add value have in fact a minimal effect and if DIY jobs are done sloppily they can end up having a negative impact on the property value.

Then of course there is the safety aspect. A staggering 450,000 of us have tackled potentially dangerous gas repairs with scant regard not only for our personal safety but also for the fact that this sort of behaviour could invalidate our home insurance policies. 90% of us recognise that gas work should only be carried out by qualified professionals, but when it comes to saving cash common sense seems to go out of the window.

Electrical work is also a potentially dangerous area and yet over 4 million of us have spurned the professionals and risked life and limb in order to save money.

Plumbing, whilst not in the same hazardous league as gas and electrical work, can have disastrous effects if carried out by an amateur and yet 3.3 million of us ignore that fact.

A million of us have even tackled major structural jobs such as loft conversions and knocking down walls in an effort to increase our property’s value on the cheap. When jobs like this go wrong it is easy to see how properties can end up losing in excess of 5% of their value.

Before embarking on any DIY projects, always ensure that you have suitable home insurance cover.

Comments

Leave your comments

Name:
Email:
Comments:
Please enter the validation code shown

Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.