Many homeowners in the UK may already be harbouring concerns over falling property values, with industry professionals predicting that property prices could fall by up to 20% over the next couple of years. This could really affect those that have recently taken on huge mortgage for expensive properties, as it could mean that their home loses value very quickly, leaving them in negative equity, where they owe more on their property than the property is actually worse.

However, there are concerns that some consumers could make things even worse for themselves by attempting to increase the value of their home through DIY home improvements. Improving your home can improve the value of the property providing the work is carried out to a professional standard. Shoddy workmanship, however, can result in thousands of pounds being wiped off the value of the home, so experts are advising novice DIY enthusiasts to steer clear in order to avoid further reducing their property’s value.

It is thought that over the holiday period many homeowners may try their hand at DIY improvement around the home, but this could do more harm than good. Homeowners have also been warned that as well as reducing the value of the home, certain ‘home improvements’ could actually result in putting potential buyers off.

Certain jobs could also invalidate the home insurance policy according to one expert, who stated: ‘Trying to tackle certain areas you are not qualified for, such as electricals or plumbing, could invalidate your home insurance policy, leaving you liable for any subsequent damage.’

Those planning to carry out DIY around the house should also ensure that they have adequate insurance cover in place in case of an accident. An insurance expert stated: ‘While breakage of some fittings - such as baths and glass in doors - is covered by most standard buildings insurance policies, you might need extra accidental damage cover to protect against DIY disasters such as drilling through pipes or spilling paint on carpets.’

If you like this post why don't you subscribe to our feed?

Related Articles

• Disaster could lie ahead for those on interest only mortgages
All mortgages in the UK come under two main categories, which are repayment mortgages, also known as capital and interest mortgages, and interest only mortgages. With repayment mortgage the monthly
• A five year fix could work out cheaper than a two year one
Fixed rate mortgages for short periods have become popular in the UK over recent years. The Chancellor of the Exchequer, Alistair Darling, is pushing for consumers to consider very long
• Mortgage fraud levels up to £700 million a year
According to police authority officials the level of mortgage fraud in the UK has rocketed to £700 million a year, and is an industry that is continuing to grow and
• Mortgage provider was failed by FSA
Until last year Northern Rock enjoyed a reputation as the nation's fifth largest mortgage lender, and had enjoyed great success and an impressive reputation. However, in the summer of last
• CAB reports rise in enquiries relating to mortgage arrears and debt
A recent survey has revealed that the Citizen’s Advice Bureau has seen a rise in the number of enquiries relating to mortgage arrears and debt related issues over the first