Thursday 15th June 2006
Britons are wasting time and billions of pounds on "improvements" that are actually damaging the value of properties, new research has found.
Direct Line home insurance claims that £154 billion has been spent, yet while half of those surveyed thought DIY improves a homes value, it was found to reduce house prices by up to five per cent.
"Taste is a subjective thing, but our research does show that certain home improvements have a detrimental effect on property values," commented Direct Line Home Insurance spokesperson Simon Ziviani.
"Homeowners need to think extremely carefully before making changes to their properties, to ensure that they dont end up costing them dearly."
Home makeover shows and keeping up with the neighbours were seen as major factors, though poor DIY by a neighbour is also claimed to knock the value off a home.
This is because not all "improvements" remain in the home, with £3,854 knocked off an average property for poor garden DIY, such as a fishpond.
Mr Ziviani added that if a home has changed, it is worth contacting an insurer as certain improvements could alter the value of home contents, which could affect terms of a home insurance policy. 
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