House sellers devaluing properties with DIY
Posted: 15 Jun 2006 09:14:45 GMT
DIY may well be a national obsession in this country, but new research suggests that millions are devaluing their homes with shoddy or ill-advised work.
A study from Direct Line Insurance suggests that 21 per cent of those removing period features from a house are actually taking the risk of stripping five per cent from the property's selling price.
Laying cheap wooden flooring, removing fireplaces and installing PVC windows are all common DIY mistakes and it seems that Brits are falling into these traps again and again.
While making these changes can reduce the property price by as much as £9,637, 48 per cent of DIY enthusiasts believe that they are actually improving their chances of attracting a good offer. Incredibly, 11 per cent of these expect to increase the property's value by more than £10,000.
Fish lovers are making similar mistakes, with 1.8 million homeowners deciding to build fishponds in their gardens. While this may enhance the individual's experience of living in the property, it can reduce the eventual selling price by around £3,854.
Direct Line spokesperson Simon Ziviani commented: "Taste is a subjective thing, but our research does show that certain home improvements have a detrimental effect on property values."
Whether selling a property privately online or through an estate agent, sellers should always practice prudence and judgment when carrying out DIY projects, or they can risk severely denting the final sum that they receive.