UK faces £350 million in do-it-yourself debacles

Posted 2007-12-18

Failed do-it-yourself home repairs in the UK have now reached an estimated £350 million repair bill. 

In addition to the risk of damaging personal affects, there is also a high risk of voiding home insurance policies when work is not conducted by a professional craftsman, carpenter, plumber or electrician, Halifax cautioned.

Spokesperson Vicky Emmott said, “Trying to tackle certain areas that you are not qualified for - such as electrics or plumbing - could invalidate your home insurance. It’s far better to employ a reputable tradesman than to risk damaging your home by going it alone.”

At the very least, whenever any serious repairs, upgrades or renovations are being considered, it is strongly suggested that the homeowner consult with a licensed professional before beginning work. 

Homeowners should also consider that when repairs or renovations are conducted by a professional, he or she should carry their own insurance in the event of damage claims, thereby releasing the homeowner of any liability.

Many necessary improvements generally add value to a property and may often be funded through a home equity loan, even if the homeowner already has debt.

Home equity loans release some of the value typically locked up in the form of equity, thereby providing the funds needed to reinvest in one’s own property. 

Checking the property values of similar homes in the surrounding area or neighbourhood can often give a homeowner a fair idea of how much should be invested, in order to realize a decent return on invested money. It is almost never a wise idea to “overbuild” in an area that won’t support the amount invested, but conversely, keeping a property in step with the comparables usually ensures a sound investment.

According to the Office of Fair Trading, about one-fifth of debt consolidation loans are secured against property.

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