Many analysts and industry professionals have predicted that the value of properties in many parts of the UK could plummet over the course of this year, and as a result of this many homeowners could see thousands of pounds shaved off the value of their homes.
However, some homeowners could be making the situation worse for themselves by attempting to carry out DIY work on their homes in an attempt to raise the value, yet actually reducing the value due to shoddy workmanship.
Although certain home improvements can help to increase the value of a property they improvements have to be practical and useful, as well as carried out to a high standard.
This means things such as conversions, creating more space, adding double glazing or improved heating, etc. However, there are other works that many people class as home improvements that could cost a fortune but will add no value to your home, such as a second bathroom, a swimming pool, and interior decoration.
On addition poor workmanship could both put off potential buyers and could result in thousands of pounds being lost on the value of your property. Experts want that anyone that has not got the confidence and skills to carry out DIY improvements in their home should leave things well alone or get a professional in to do the work for them.
DIY enthusiasts are also reminded that certain jobs could invalidate their insurance cover if they are not trained and qualified to undertake such tasks.
One insurance industry professional stated: ‘Trying to tackle certain areas you are not qualified for, such as electricals or plumbing, could invalidate your home insurance policy, leaving you liable for any subsequent damage.’
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