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How To Reduce Your Property Value

Thu, 22 Jun 2006
Home improvement or finances ill spent? A recent survey highlights that change is not necessarily for the better.

We Brits are obsessed by DIY . We are so obessed we have made celebrities out of gardeners, builders and interior designers .

A new survey by Direct Line Home Insurance affirms that we spent £154m on supposed home improvements that actually decrease our property value.

49% of survey respondents committed design crimes which have reduced their property value by thousands. The main crimes are:

a third of respondents had committed the crime of cheap floor installation

a third have had uPVC windows installed

a fifth had ripped out fireplaces

and why oh why have a fifth of respondents removing period features.

Such supposed home improvements can knock off £10,000 of the value of your property .

We also like to keep up with the Joneses to the tune of £6,700 a year.
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