Making changes to your house to increase its value has proven to be a popular pastime for homeowners across the country. In fact, according to the Office for National Statistics, us Brits spend nearly £30 billion a year on home improvements. But what if those internal updates end up wiping thousands of pounds off your property’s value?
Rex Nye, who owns online builders’ merchant D.W. Nye, explains that whilst many property owners think that following a prescribed list of improvements will add equity, this isn’t always the case. He said:
“Often the issue is with the quality of work that has been undertaken. So, if it isn’t done to the correct and required standards or regulations, or the correct planning permission hasn’t been obtained, there could be major issues later down the line when you come to sell the property. It’s important to make sure you know what you’re doing before you start any major updates. If you’re ever at all uncertain, you can chat to a builders’ merchant or consult a professional builder.”
But it isn’t just poor workmanship that could cause issues. Failing to consider the results before getting stuck in could also leave you in financial hot water.
Here are some of the costliest DIY mistakes that could end in disaster, rather than reap dividends.
Turning a garage into another room
With the Self-Storage Association UK reporting more than a quarter of customers stashing their stuff in self-storage because there is no room for items where they live, turning your garage into an additional room might prove to be a dud idea in the long-term. In fact, even if you have a vehicle, research carried out by RAC Home Insurance reveals that garages are more likely to be used for storing clutter, than a car. Even worse, a badly converted garage could result in a dark, cold and unusable or odd shaped space that puts potential purchasers off.
Incorrectly knocking down internal walls
Open plan living is certainly a trend that has increased in popularity over the last decade. There’s no doubt larger spaces are more flexible for today’s laid-back lifestyles. However, before undertaking any work, check out these top tips for knocking down internal walls to ensure you aren’t doing anything that could cause you a huge headache and unforeseen hold ups when you come to sell your home.
Overspending on a kitchen renovation
Kitchens are renowned for being the heart of the home and having a showstopper is bound to have buyers battling to put in a bid. But beware of going makeover mad and overdoing it on high-end integrated appliances, units and worktops. Unless you’re able to take white goods with you, buying the priciest items won’t make much difference to your property’s overall value. Likewise, if your property doesn’t fall within the luxury property market, investing in expensive worktops and handmade cabinets will most likely be detrimental to your profit margins.
Installing the wrong windows
Curb appeal is essential when it comes to selling a home. Ugly, unsightly or incorrectly installed windows could put off would-be-buyers. Even worse, if you’ve got a listed property, or a property with specified conditions, it could cost you thousands to rectify if you haven’t got the appropriate permissions in place before replacing windows. It’s worthwhile spending a little more to get the most aesthetically pleasing option and double-checking any restrictions your property might have first.