Home improvements are a popular undertaking in the UK, but new research suggests many households are paying extra when things go wrong.
Some 44% of homeowners have either completed, or plan to complete, some sort of significant home improvements, with a third saying they did so to add value to their property.
However, one in ten people revealed their projects went wrong, nearly doubling the costs of such works according to Lloyds Bank.
The study revealed that the average DIY job totals around £4,000 while repairing the damage can cost an average of £3,200.
In such cases, 54% of people believe that poor workmanship is to blame for the issues that occur, with more people than ever rushing to try and cash in on the booming housing market.
Lloyds also revealed the average level of spending on home improvement projects varied wildly, with 12% spending between £2,000 and £5,000 on their most recent project.
A further 12% spent between £5,000 and £12,500, while 6% spent somewhere between £12,500 and £25,000.
Larger projects costing £25,000 or more were done by 2% of those questioned while repair costs on botched projects could add anywhere between 12% and 91% to the initial outlay.
However, when jobs are done correctly it can add significant value to a property – 29% of homeowners who carried out work believed that added between £12,500 and £25,000 to their home’s value.
The perceived value of improvements will often mirror the level of initial investment while renovating remains a popular option for people looking to produce a profit.
Six million people buy under budget, with around 25% of those intending to expand or convert a property to increase its value.
Alternatively, changing the purpose of a room was also a popular option, with spare bedrooms converted into additional living space and office space.
While some projects can require a large outlay, there are finance options available to assist with such payments.
While some projects can require a large outlay, there are finance options available to assist with such payments; a loan towards home improvements could be one solution.