Thursday, July 7, 2011
Category:
Home Improvements
According to new research from RICS, an increasing number of homeowners are choosing to improve their properties rather than moving. It has been revealed by 48 percent of chartered surveyor estate agents that the slow sales market is prompting people to go down this route.
Findings have shown that improving rather than moving is most common in areas of the UK where the property market is depressed, such as Northern Ireland and the West Midlands, at 75 percent and 71 percent respectively. Even so, high property prices in more ‘buoyant areas’, such as London, are also reportedly prompting prospective buyers to stay put.
When it comes to home improvements, it was found that additional bedrooms add the most value to a property, according to 44 percent of surveyors. At 18 percent, a new kitchen or bathroom was found to be the next most valuable home improvement. Findings also uncovered that adding a conservatory or reinstating period features are ‘desirable optional extras but not ones which add value’.
It has been pointed out by surveyors that a potential increase in a property’s value will not always cover the cost of the home improvements because other factors are also at play, such as the quality of the work and the style and location of the property.
Respondents added that external factors are most likely to ‘detract from a property’s price’; with 40 percent of surveyors revealing that a property’s proximity to a noisy road or railway caused a decrease in value. Subsidence was found to be the next most likely factor to affect a property’s value.
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Homeowners who have made the decision to improve rather than move could consider taking out a secured loan to finance the planned work. One of many finance options available, a secured loan for
home improvements could allow borrowers to embark upon a range of projects. For example, a property could be extended to create extra bedrooms, which may in turn add value. Furthermore, a new kitchen or bathroom could be fitted if desired. Following such projects, homeowners may then wish to completely redecorate and refurbish their home to really make it feel like new.
