03 Oct 2022

EXPLAINER: How the lockdown DIY fad could have huge implications for property value

EXPLAINER: How the lockdown DIY fad could have huge implications for property value

Homeowners across the country have been making the most of lockdown to finally tackle those DIY projects they have put off for years, but the lockdown DIY fad could have huge implications for property value.

With Ireland having been living under level five restrictions for almost a month now, many residents may have once again turned their attention to the never-ending DIY tasks around their home, like many did during last year's lockdown.

Over two-thirds (67%) of respondents to the survey said that they had been doing more DIY work in lockdown, with almost half of them teaching themselves how to do these tasks online.

However, Chill Insurance is warning homeowners that rushing into DIY projects without satisfactory knowledge, experience and equipment could lead to problems down the line, all of which may decrease your property’s value.

Their research discovered that three-quarters of people (75%) would actually offer less for a home if there were signs of poor DIY work. The botched jobs they claim would be the most off-putting are cracked or damaged walls (61%), dodgy electrics (59%) and poor plumbing (58%).

When asked for examples of botched DIY done in lockdown, one respondent to their study claimed they had “cut an electrical wire while putting up a picture on the wall”. Another said they “drilled into a water main behind a wall”. One respondent even “fitted the wrong door to the front of the house”.

Fergal Lynch, head of marketing at Chill Insurance, said: “DIY projects can add value when you come to sell up, but there are certain basic rules you should bear in mind if you are working on home improvements with a view to making a profit when you put your property on the market”

“Never spend more than you need on home improvements but do make sure the work is carried out to a high standard. Also, don’t be tempted to shell out more on improvements than you would be able to recoup in the selling price.”

“The value of your property will be affected by the selling prices of other similar homes in your area. This means that if you splash too much cash on property improvements, you’re unlikely to be able to make your money back. Look into property prices in your area to get a sense of how much you may be able to stretch the value of your home to,” he concluded.

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