Over half, 54%, believe the cause of the issues was down to shoddy workmanship at a time when 33% of home owners are choosing to add value to their properties with home improvement projects.
The research from Lloyds Bank reveals that the average cost of these improvements is £4,000. Some 12 % spent £2,001 to £5,000, 12 % spent 5,001 to £10,000, 6% spent £10,000 to £25,000 and 2% spent £25,000 or more on their most recent project.
If the average cost at each level is compared to the average repair cost of £3,200, botch jobs at any level can add an additional 12% to 91% on top of homeowner’s initial outlay, the research report points out.
Lloyd’s says that adding value to a property is key for home improvement projects. When the job is done correctly, the perceived value of some home improvements mirrors how much people spent on projects.
For example, 29% of the total number of home owners who carried out work believed they had added £10,001 to £25,000 to the value of their home. This is compared to 31% of the total number of home owners who said it had cost them the same amount to complete the project.
Still, a high number of people buy properties cheaper with the view to renovate to add value. Some six million buy under budget, with 25% of those intending to extend or convert their property to add value in the future. In the current market, nearly half, 44%, buy properties with the view of moving when they can afford something better.
The improvements made to homes often involve changing the purpose of one room within a property. Some 32% said they had changed the purpose of a room, with the spare bedroom being the most popular choice for 16%. Of this 16%, over half had changed this room into an office, and 7% had used the space as an entertainment room.
Although alterations made to purposes of rooms are generally not made to increase the value of the home, and indeed, 40% of respondents believed this to be the case, some changes do add perceived value. Some 17% believed that the changes made had added £10,001 to £25,000 and 10% thought changes had added £25,001 to £50,000.
‘Most home owners will dabble with home improvements at some stage, whether it’s a DIY project or a major construction. What’s important is to ensure the job is done to a high standard as botched job can be quite costly to rectify,’ said Marc Page, mortgages director, at Lloyds Bank.
‘Although the reasons for home improvements may differ from person to person, making a house a home is a key motivator,’ he added.
