Thursday, Sep 28, 2006

Parents DIY skills create huge wealth

Guardian: Parents DIY skills blah blah

I cannot summarise the article - I couldn't bear to read beyond the first line

Posted by inbreda @ 02:40 PM (602 views)
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1. little professor said...

I know how you feel. Here you go:

British parents have used their DIY skills to add 33bn to the value of their children's homes over the past five years, a survey claimed today.

Mums and dads have donated an average of eight days' labour to their offspring since 2001, with 30% of those questioned admitting they would ask their parents for help to avoid paying for work to be done, Halifax Home Insurance said. On average these jobs added 2,390 to the value of the property, or a total of 33.4bn across the nation as a whole, the insurer said.

Martyn Foulds, senior claims manager at Halifax Home Insurance, said: "It's no secret that, if done well, even basic cosmetic tasks such as redecorating can add significant value to a property.

Friday, September 29, 2006 08:30AM Report Comment

2. inbreda said...

It's almost as if they are TRYING to make homes unaffordable.

"Can someone afford your house? We'll show you how to install solid gold door knobs to make sure you'll never be able to find anyone to buy your property"

Friday, September 29, 2006 10:42AM Report Comment

3. C'mon Correction said...

A point that a lot of people don't pick up on when they discuss house price increases over the past 8 years is that a HUGE amount of money has been spent on improving properties. You only have to look at the DIY stores, kitchen and bathroom suppliers (etc, etc) sales over this period to confirm that. So a lot of the house value increase is due to improvements at cost.

I can use my best mate as an example, he has justed sold his starter home he bought 6 years ago for 30k more than he bought it. However he has put in a new kitchen and bathroom suite, 2 new carpets and sent time and money landscaping his back garden - in all about 11k. So really the person about to move in is only really paying approx 20k extra than my mate 6 years ago because he's getting better condition house.

Friday, September 29, 2006 10:45AM Report Comment

4. sovietuk said...

what's amusing is the level of detail in the daft statistics they give

Friday, September 29, 2006 12:06PM Report Comment

5. harold said...

Money spent on tat at B&Q = wealth creation?

I think not.

Friday, September 29, 2006 04:23PM Report Comment

6. The Capitalist said...

Easy fellas, we were all young once, the lady of the house wants to make a nice home, the parents and inlaws are dead chuffed they've finally settled down and good lord she's expecting her first child. I think parents postively make themselves a pain in their constant offers of DIY son in law: poor chap works so hard and never has time to do up their new home, besides he can't even wire a plug!!

Give em a break!

Friday, September 29, 2006 04:31PM Report Comment

7. Daopig said...

The credit crazy class of 1970 who have created the house price crisis are now vindicated, because they are helping their kids ruin their grandchildren? Huh??!?

Friday, September 29, 2006 07:04PM Report Comment

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