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Improvement across the UKs housing market has many of us- as many as 33% according to Lloyds bank research- seeking to add value to our homes via home improvement projects. But, according to the same research, 10% of these improvements go wrong which result in further financial outlay required to fix the disasters.
In fact, the average cost of repairing DIY disasters on UK homes equates to £3,200. The cost of home improvements vary greatly, the most common outlay for a DIY improvement is between £2,000 – £10,000, with 6% of improvements costing between £10,000 – £25,000, and 2% spending £25K or over.
However, with the average cost of botch jobs equating to an average of £3,200 to repair, this means a DIY job can add an additional 12% – 91% on top of initial outlay. The principle behind any DIY project on the home should be to add value to the home. If successful, they can result in increasing your property’s value by up to £10,000-£25,000. Around 29% of people performing DIY projects believe they hit this mark, whilst 31% believe the value added equates to the same of what the actual project cost.
A project that doesn’t result in adding value to your property is obviously a waste of time. Proper planning, consultation and finding experienced people to work on the project is crucial to avoid any wasted outlay. Despite the high numbers that result in failure, a high number of people still buy houses with a view of renovating to add value. It’s estimated six million people buy property in the UK under budget, with a quarter of those people intending to convert or extend the property intending to add value in the future. Nearly half of the current house buying market (44%) buy properties with the view of moving on when they’re in a position to afford something better.
So what DIY projects are people carrying out?
Research revealed that most involved re-purposing a room in the house − 32% focused on a room, usually the spare bedroom. The most common outcome for the spare is to convert it into an office or an entertainment room − could this be a sign of a changing society with more of us becoming our own boss or requiring a quiet space to do some further study? Whatever the motivation for home improvements the key is to ensure it’s done properly as a botched job can be costly to rectify.