A recent survey carried out by GoCompare Home Insurance indicates over£21.3 billion was added to the value of English homes during the various lockdowns of the last couple of years. In this time, 61% of property owners carried out DIY work at their property.
The same survey also suggests over £11billion was spent on home improvement projects. When you compare this figure alongside the increase in value, you could argue that English property owners have added more than £10bn worth of profit to their home in this time.
During the study, 55% of respondents said they undertook home improvement work to make their property more comfortable. Only 13% of respondents said they undertook DIY work to add value to their property.
Did you carry out work at home?
Some of the most popular, and profitable, jobs were:
Redecorating, which added £11.5 bn in value to homes
Gardening added £7.1bn to property
However, not all work was popular or financially viable. Homeowners who added new flooring or a carpet were left disappointed as this style of work added no value to their home. 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.
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 isn’t for everyone or every home
Before you conduct home improvement work at home, there is a lot to be said for considering whether your home will benefit from this work. You also need to consider whether you can carry out the work to an expected standard.
In the example stated above, there is no denying the experience held by a plumber will have a massive role to play in carrying out DIY work at home. If you have this sort of experience in working around the home, there is nothing wrong with making these changes.
However, if you have no experience or expertise in this role, it might be best to leave it 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.”