10% of homeowners have had a DIY or large scale home improvement project go wrong, with an average repair cost of £3,200, latest Lloyds Bank research shows.
54% of people believe the cause of the issues was down to shoddy workmanship.
As the housing market springs back to life, 33% of us are choosing to add value to our homes with home improvement projects, with the average cost of these improvements at £4,000. However, 10% of people are finding they are the victim, self inflicted or not, of DIY botch jobs costing in some cases double the original amount.
When the job is done correctly, the perceived value of some home improvements mirrors how much people spent on projects. For example, 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.
A large number of people buy properties cheaper with the view to renovate to add value. Six million of us buy under budget, with 25% of those intending to extend or convert their property to add value in the future. In the current market, 44% buy properties with the view of moving when they can afford something better.
The improvements made to homes often involve changing the purpose of one room within a property. 32% of respondents said they had changed the purpose of a room, with the spare bedroom being the most popular choice (16%). Of this 16%, 54% had changed this room into an office, and 7% had used the space as an entertainment room.
Although alterations made to purposes of rooms are generally not made to increase the value of the home, and indeed, 40% of respondents believed this to be the case, some changes do add perceived value. 17% believed that the changes made had added £10,001 to £25,000 and 10% thought changes had added £25,001 to £50,000.
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.”
