Homeowners Advised To Take Caution As DIY Projects Rise In Popularity

Britons are increasingly looking towards renovating and refurbishing their homes, a new study shows.

In research carried out by Halifax, it was revealed that a significant number of consumers are improving their properties for numerous reasons, ranging from boosting its value to increasing its energy efficiency rating. According to the financial services provider, just over a quarter (28 per cent) of people are set to revamp a house, with the specific intention of making its price rise. Of such consumers, 44 per cent believe such improvements will increase the worth of a property by up to 5,000 pounds. Meanwhile, 12 per cent think that their work will add more than 10,000 pounds on to their home’s value.

Research from the firm also showed that about one in five have incorporated elements of sustainability into such work. Meanwhile, some 14 per cent of respondents state that they have made modifications to their property out of sheer enjoyment. In addition, Halifax indicated that younger people and those taking their first steps on to the property ladder are becoming evermore interested in home improvements, with three-quarters (74 per cent) said to have been involved in such a project during the past 12 months.

Overall, redecorating a room was indicated as being the renovation project that budding Laurence Llewelyn-Bowens and Nick Knowleses are looking forward to doing the most. Meanwhile, 35 per cent of people wish to revamp their gardens, with about a fifth wanting laminate or wood flooring fitted. Installing a bathroom suite and new carpets were also shown to be popular choices for home improvement projects.

Whether it is giving a living room a new lick of paint or fitting a conservatory, Britons may find that getting a home improvement loan is an efficient way in which to fund the cost of such work.

Russell Galley, head of mainstream mortgages for Halifax, said: “In the current market, homeowners can inject value into their homes by undertaking the right home improvements. Carrying out work on your home can be rewarding but costly to correct if not executed properly. Where appropriate, consult the professionals and seek any necessary planning permission before getting started.”

The study also indicated that 33 per cent have hired a professional tradesman to do such work, with the same proportion opting to be hands-on and work alongside their partner. Meanwhile, a quarter claim to carry out a home improvement project by themselves, with a further 31 per cent choosing to employ a specialist contractor.

For consumers wishing to make improvements to their property quickly, applying for a homeowner loan could be advisable as it may allow people to purchase any materials required effectively and affordably. In addition, the financial help that this kind of home loan brings could also assist borrowers in hiring qualified professional to carry out such work. A loan for this purpose could also help homeowners to boost the value of their property after Joe Swift, presenter of Gardener’s World, recently reported that improving green spaces - for instance fitting decking - can make a significant impact on how much a home is worth.

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