Two people in five are planning some work on their homes this year, new figures show. But if the plan is to boost your home's value, a lot of people are about to make a costly mistake.
The most popular thing to do is redecoration - with three people in five planning some new paint, wallpaper or tiles - while more than one in four is looking at new carpets and one in five fancies a new kitchen.
A third of people plan to spend no more than £500 on the work, one in five plans to splash £500 and £1,000 on their home, one in four between £1,000 and £5,000, Hargreaves Lansdown found.
But a quarter are looking at sinking more than £5,000 - meaning on average the bill will come in at £4,618.80.
But while you might love the change, and have spent thousands on it, that doesn't mean it will make your home worth more.
“DIY season is in full swing, as we prepare to paint and hammer our way through the May bank holidays," said Sarah Coles Hargreaves Lansdown personal finance analyst.
"This is money well spent when we’re adding value to our homes, but unfortunately ‘improving’ your home doesn’t always pay.
"There’s a risk that changes like a new kitchen or laying carpets actually cost you more than you add to the value of your property."
Hargreaves Lansdown took a look at the most popular improvements, then worked out what they would cost and what they would add to the value of a £200,000 home.
This is what they found:
Best improvements for your money
- Extension - cost £30,000, value added £40,000
- New boiler - cost £2,000, value added £8,000
- Loft conversion - cost £20,000, value added £24,000
- Conservatory - cost £5,000, value added £8,000
- Double glazing - cost £7,000, value added £8,000
- Knocking through rooms - cost £3,500, value added £4,000
Worst improvements for your money
- New kitchen - cost £10,000, value added £4,000
- Solar panels - cost £5,000, value added £0
- New carpets - cost £4,000, value added £0
- New bathroom - cost £4,000, value added £2,000
How we're paying for it
Most people plan to pay for the upgrades with savings, but one person in 10 plans to use a credit card, one in 25 a loan and a worrying one in 50 a payday loan.
"If you end up borrowing to pay for the work, even improvements that typically pay off – like a loft conversions or home extension - could leave you worse off," Coles said.
"The secret of good DIY is in the preparation, and by far the most valuable prep is to start saving plenty of time in advance, putting a monthly sum into an easy access account, so whatever colour you redecorate your house, you’re not immediately in the red.”
