Tuesday, July 28, 2009
Category:
Home Improvements
Halifax recently reported on their own research which indicated that simple, straightforward home improvements are the ones which can offer the highest return.
This is said to be value added to a home for minimum cost. This research has come from the annual Halifax Home Improvement Survey.
As the ‘green factor’ has become more pressing, fuel efficiency and energy saving measures are understood to add value of two and a half times the initial outlay cost. The initial outlay is reported to be £1,722 and the added value £4,327. Ranked second is home security which is said to cost an average of £1,280 and adds up to £3,091 in value. Redecorating was ranked the third home improvement perceived to show the best return on investment. On average this is costing homeowners £989 and adding £2,231 in value to properties. Fourth, garden improvements cost on average £857 and are perceived to add £1,399 in value to a property. Ranking in fifth place were loft conversions. Costing £15,766, loft conversions are thought to add £24,961 to the value of a home.
When asked which improvements did not regain their cost, respondents said that these were laminate flooring, new carpets, central heating improvements, new windows and double glazing and newly fitted bathrooms. Halifax’s valuers ranked home improvements out of ten in terms of the value they can add. These ranks were based on homes in the right circumstances and locations.
In the top position, loft conversions got ten out of ten, provided that the property is in the right area. If land and property prices are at a premium then loft conversions are said to provide excellent value for money. Building regulation and planning permission must be gained and if a property is leasehold, landlord’s consent must also be gained. Coming in second, kitchens get eight out of ten and it is important to ensure that expenditure is in proportion to a homes original value. Joint second, painting and decorating also gained eight out of ten. For those who are thinking of selling, fresh painting and decorating are said to improve a home’s appeal and ability to sell. Homeowners should however be wary of going overboard with colours which could limit the target market.
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Homeowners looking to make home improvements whether simple or more complex, who are looking for funds to cover costs, could consider a secured loan. Simple
home improvements which could be funded with a secured loan would include redecorating whilst more complex home improvements would be loft conversions and extensions. A secured loan is one of many options to pay for home improvements.
