Botched DIY jobs cost homeowners a fortune
The research from Lloyds bank shows that almost half of homeowners (44%) have completed significant home improvements in the past or plan to in future. Around a third of these make changes to add value to their homes.
Around 1 in ten say they have had large scale DIY projects go wrong. The average cost of a DIY job is £4,000, and the average cost of repairing the damage is £3,200. Over half (54%) of people believe the cause of the issues was down to shoddy workmanship.
When the job is done correctly, the perceived value of some home improvements mirrors how much people spent on projects. For example, nearly 3 in 10 (29%) of the total number of homeowners who carried out work believed they had added £10,001 to £25,000 to the value of their home. This is compared to 31% of the total number of homeowners who said it had cost them the same amount to complete the project.
Still, a high number of people buy properties cheaper with the view to renovate to add value. 6 million of us buy under budget, with a quarter (25%) of those intending to extend or convert their property to add value in the future. In the current market, nearly half (44%) buy properties with the view of moving when they can afford something better.
Marc Page, Lloyds Bank mortgages director, at Lloyds Bank, said: “Most homeowners will dabble with home improvements at some stage, whether it’s a DIY project or a major construction. What’s important is to ensure the job is done to a high standard as botched job can be quite costly to rectify. Although the reasons for home improvements may differ from person to person, making a house a home is a key motivator.”