DIY could cost dearly with inadequate insurance

Home improvements made to houses and apartments are no longer adding the same value to homes as owners expect, it has been reported.

In a report likely to please buyers throughout the nation, it has been explained that the cost of traditional home improvements is now often greater than the added value it will bring to a property.

In October 2007 for instance, adding an extension to a house - at an average cost of £33,800 - would earn homeowners around £20,000 through allowing them a higher asking price.

Now however, the same extension would earn just £13,568; a net loss of £20,232.

Taking on some DIY will nevertheless improve the living environment for many homeowners across the country, whether they're selling or not, and so it remains to be a popular pastime.

However, attempting some improvements without comprehensive buildings insurance, or indeed contents insurance, could end up costing far more than expected in the event of a mishap.

Drilling through a water pipe, for instance, could not only cost you hundreds in repairs to the building's plumbing, but also thousands if the leak is not fixed before it destroys the possessions in a home.

07/08/2008 16:49:05