When times are hard, any expenditure can seem an indulgence.
But if you’re considering whether or not to splash out on a new lighting scheme in the kitchen or dreaming of replacing your grottier-by-the-day shower with a stylish ‘wet room’ — then go for it.
Property experts recommend that householders should spend one per cent of the value of their home on improvements, per annum, in order to maintain its worth in the market place. Given that the value of the average UK house stands at £162,109 (according to Land Registry figures), this translates into £1,621 to spend each year on maintenance.
If you don’t follow such advice, you could learn the painful lesson, that your bricks and mortar are not worth as much as you had blithely assumed.
‘Be vigilant to the need to keep your home in good condition — not in terms of what is in vogue, but good old-fashioned internal and external maintenance,’ says Robert Barr, sales manager at Kerr and Co. ‘The longer-term cost of not keeping up a cyclical maintenance programme will be a lower property value and a higher bill when you do carry out repairs. Prevention is better than the cure.’
So where, and on what, should you spend?
It is worth going through a checklist that should include an annual assessment of boiler and plumbing, electrics and flooring, such as carpets. ‘Even small leaks can cause significant cost in damage to joinery, plasterwork, decorations and soft furnishings, while faulty electrics are a fire risk,’ says Mr Barr.
Thereafter, a savvy friend advises his ‘Forth Road Bridge’ approach to maintenance. ‘We freshen up at least two rooms per year. If, say, you have 18 “rooms” (including hallways, landings, front and back gardens), each room is redone every seven years max.’ Each time we aim to update the room. For example, I might install new light switches or sockets, door handles, lampshades and even curtains so it looks fresh. ‘External maintenance needs a beady eye every few months or it becomes major works territory.’
Always remember to regularly inspect the exterior and call an expert if you spot anything suspicious. ‘A blocked gutter can cause significant damage to joinery and internal decoration, while a faulty roof can cause thousands of pounds of repairs,’ warns Mr Barr.
The UK's streets have long been full of DIY obsessives. But keeping up with the Joneses is as much about asset-protection as status and appearance.