If you are thinking of selling your
home, don’t embark on a
DIY home improvements mission! Experts warn that the improvements you think
will add to the value of your home could actually cause the opposite effect.
More than 80% of men in the UK have attempted a DIY project at some time in
their lives according to research. Some do it for the challenge but others
genuinely believe that their efforts will lead to a higher price for their home
when they decide to sell it. However, 70% of real estate agents who took part
in a recent survey said that many DIY home improvements have no impact when it
comes to increasing the value of property.
The prevailing belief is that
structural projects such as loft conversions could add between 5-10% to the
value of the home. On a house worth £350,000, it’s hard to imagine that a loft
conversion would be worth £17,500-£35,000. Yet complex and potentially
dangerous tasks are still frequently performed by UK homeowners, despite the fact
that 90% of those interviewed know that jobs involving gas and electricity are
dangerous and best left to the professionals.
Did you know that almost a quarter of
real estate agents interviewed believed that a new fitted kitchen would make no
difference to a home’s value? Over 60% of real estate agents also stated that garden
improvements are a waste of time and cash. With all of this in mind, are you
still keen to tackle that complex and time-consuming DIY project? Experts warn
that badly performed DIY jobs are likely to take value off your home. In fact,
it is estimated that at least 5% of a home’s value could be lost if a major DIY
job goes horribly wrong. On a £500,000 property, you could throw away £25,000
because of your desire to DIY. Add in the cost of materials and the time spent
on the project and you have a real disaster.
When it comes to home improvements to
increase the value of your home, you must contact professionals who will at
least ensure that the value of the property will not drop. Some of the best
home improvements that actually will increase your home’s value include a conservatory,
double glazed windows and central heating. It is estimated that any of these
projects will add 4-5% to the value of your home if performed by professionals.
On a £300,000 home, that’s a £12,000-15,000 increase, much more than the cost
of these projects.
If you feel compelled to perform DIY
tasks on your home, think of the consequences should things go wrong. In the
event that you persevere, avoid making costly changes like replacing the
floorboards with cheap laminated flooring. This does absolutely nothing to
increase a home’s value and may actually reduce it. Avoid wild and wacky ideas like
converting a garage into a gym if you intend on moving. There is a tendency
among homeowners to make changes that they like but may not resonate with
prospective buyers. Consider what a buyer wants before making major
alterations.
