Poor DIY could see house prices tumble

 

April 11, 2008

There is already a great deal of concern over the drop in house price inflation, with house price growth now at its lowest in 12 years, according to industry professionals. However, there are also concerns that some consumers may end up reducing the value of their homes even further by attempting to carry out DIY home improvement when they do not have the skills or expertise to do a good job. Industry officials state that whilst some homeowners might think that they are improving the value of their home with these improvements, a shoddy end result could have just the opposite effect.

Homeowners are also warned that they need to be mindful about the type of home improvements that they carry out, as some may end up costing them a small fortune but may not actually add anything to the value of the home – or in some cases may actually reduce the value of the home. Even works that can add to the value of the home need to be carried out to a high standard in order to prove effective, and homeowners are therefore advised to get professional help rather than attempt the jobs themselves if they do not have the skill or confidence to do the work to the necessary standard.

Insurance experts have added that homeowners need to be mindful of how their insurance policies could be affected, with certain jobs risking the validity of their home insurance policies. One official said: ‘Trying to tackle certain areas you are not qualified for, such as electricals or plumbing, could invalidate your home insurance policy, leaving you liable for any subsequent damage.’

He also urged homeowners to remember to check their home insurance before embarking upon any work to make sure that they were adequately covered, adding: ‘While breakage of some fittings - such as baths and glass in doors - is covered by most standard buildings insurance policies, you might need extra accidental damage cover to protect against DIY disasters such as drilling through pipes or spilling paint on carpets.’

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Written by admin · Filed Under First Time Buyers, Mortgages 

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