In a study carried out by GoCompare Home Insurance, more than £21.3 billion was added to the value of English homes across lockdown. 61% of homeowners carried out DIY work at this time.
The study indicates more than £11 billion was spent on DIY projects, and this means English homeowners enjoyed more than £10bn profit. In the study, 55% of respondents said they carried out home improvements in an attempt to make their home more comfortable. Only 13% of respondents said they carried out DIY work at home to increase the value of their house.
Did you carry out work at home?
Some of the most popular, and profitable, jobs were:
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Redecorating, which added £11.5 bn in value to homes
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Gardening added £7.1bn to property
Sadly, not all work added value to property. Homeowners who added new flooring or a carpet found this work added no value at all. However, an average of £1,200 was spent on this style of work.
97% of respondents said they were happy with how their DIY work finished up, so this suggests an overall air of positivity regarding lockdown improvements.
GoCompare’s Head of SEO, Victoria said; “When we looked into the costs of it all, we found that it wasn't going to be too expensive and decided it would be nice to have better facilities while we were stuck at home. My partner previously worked as a plumber, so along with a few YouTube videos, we were able to install the new suite ourselves. We’re absolutely delighted with the results.”
DIY shouldn’t be carried out by everyone
While it is great to see so many people take on these projects and improve their home, not everyone should. In the case of the GoCompare statement above, it should be noted that the employees partner had worked as a plumber.
This is a tremendous skillset to have when making changes to a home, and it is the sort of thing that leaves people feeling confident about carrying out this type of work. However, if you don’t have these qualifications, skills or even confidence, you need to think if you should undertake this type of work.
Before you commit to making changes around the home, weigh up your options and decide if it is something best left to the experts.
Ryan Fulthorpe, the home expert at GoCompare, said: “The findings from our research suggest that homeowners will often be rewarded for picking up their toolkits and paintbrushes and giving DIY a go. Anyone who is preparing or planning to move house should take notice of this, as even a simple redecorating job could reap a financial reward, rather than just making your home more comfortable. However, homeowners should watch what they’re spending on a project to ensure it’s still profitable. I recommend using GoCompare’s property investment calculator to help decide if a task is worth it.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
