DIY can depreciate property
Homeowners looking to increase the value of their home by making DIY improvements may find themselves out of pocket when they come to sell, according to a North Staffordshire estate agency.
Heywoods Property, based in Newcastle-under-Lyme, is warning homeowners in the area to think carefully before carrying out work with the sole purpose of boosting a property's value, as relatively few home improvements actually get a return on investment.
The company said that botched DIY jobs were a particular problem that it all too frequently encountered, which more often had the reverse effect of reducing the value of a property.
Nevertheless, it added, home improvements were by no means a bad idea.
It said that structural work, such as an extension or loft conversion, could bolster the value of a home by anything up to 10% provided it was done professionally.
Heywoods said that valuers generally only looked at the underlying value of a home and its fixtures and fittings and didn't take into any significant account the way a home was decorated or the garden was landscaped.
Provided homeowners kept this in mind, it concluded, they could still be wise to carry out cosmetic improvements before putting their house on the market as this would help to sell a home more quickly, especially in a relatively stagnant market.