Equity release plans 'jeopardised' by dodgy DIY

Homeowners are being warned to resist the temptation to over-stretch their abilities in attempting household DIY tasks, as poor quality work could actually lower the value of a property.

As many as 4.05 million homeowners have undertaken electrical jobs without professional help, while 3.3 million have attempted plumbing work over the past few years, according to research carried out by home insurer LV=.

Around 1.35 million have even made structural changes to their homes, such as removing walls, with nearly one million people having tried their hand at major building works like loft conversions.

Doing DIY jobs badly can reduce the sale price of a property by more than five per cent in some cases, the insurer warned.

"Sloppy work is likely to reduce the resale price and could even invalidate the home insurance cover," said LV= home insurance managing director John O'Roarke.

It could become more important than ever for people to protect the value of their properties in future, with personal finance expert Roger Marvin stating in an article for ftadviser.com that equity release is set to become an "integral part of post-retirement financial planning".

Equity release plans from Ashall Glover Financial Services