DIY reduces property value
Published: 05 May, 2010
BOURNEMOUTH: Merchants could benefit from more publicity about the pitfalls of DIY against professional building work.
Many DIY home improvement projects reduce the value of property said Liverpool Victoria Home Insurance.
The insurance company said that while many homeowners had carried out the improvements in the hope of increasing the value of their property, if the work was done badly, it could reduce a home's sale price by as much as 5%
John O'Roarke, managing director of LV home insurance, said: "Although nine out of 10 people in our survey recognised that jobs like gas work should only be left to the professionals, nearly 500 000 Brits are still prepared to give it a go."
Around 27% of homeowners admit they have undertaken electrical jobs without professional help, while 22% have attempted plumbing work, and 9% have tried their hand at structural improvements, such as removing walls.
A further 6% have even tried to carry out major building work themselves, such as a loft conversion, while 3% have tackled potentially dangerous gas repairs, according to LV Insurance.