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How to add value to your home
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Many home improvements fail to add any value to properties, according to research. Find out if building an extension or fitting a new kitchen actually makes financial sense
Recent research commissioned by HSBC suggests that a number of home improvements which homeowners may be considering to add value to their homes actually add little or no value at all.
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Having surveyed property valuation experts from across the UK, the research indicates that traditional home improvements such as redecorating or adding a new bathroom often fail to increase the worth of a property by more than the cost of carrying out the work. However, there’s no denying that a freshly decorated home could definitely increase the appeal of a house and help it to sell.
The research revealed that nearly 50% of valuers believed that re-carpeting a house would add no value to a home. However, it comes as no surprise to discover that a staggering 98% thought that an extension would add value to a home, and 94% thought the same for loft conversions.
“Today’s challenging housing market is making valuers reconsider previously held assumptions of what home improvements actually add in terms of value,” says Martijn van der Heijden, head of secured lending at HSBC.
“As such, homeowners looking to improve their home should do so first and foremost to live in and enjoy, rather than for any uncertain increase in value.”
Sound advice from van der Heijden, but if you are planning on improving your home for profit, it pays to find out just how much your improvements could add.
Last updated 13 May 2009
