Tuesday, April 10, 2007
Category:
Home Improvements
Recent news from Yorkshire bank has revealed that 1 in 3 homeowners plan to splash out on sprucing up their homes before they sell.
However, 33% of buyers plan to completely re-decorate as soon as they move in, so homeowners who used the bank holiday weekend to boost their chances of a good sale with home improvements potentially wasted time and money.
The latest Housebuyers Survey from Yourkshire Bank found that one in three people (32%) looking to sell their homes plan some DIY before putting it up for sale, with a view to getting the best possible price. Moreover, with TV shows highlighting the importance of ‘standard of finish’ 25 per cent of homeowners plan to hire professionals to complete work, thus avoiding devaluing their properties with their own handiwork.
This said, Yorkshire Banks’ research shows that this time and expense could be wasted as one in three buyers say they plan to completely redecorate as soon as they move into their new home to get rid of the previous owner’s taste.
Gary Lumby, Yorkshire Bank’s head of retail, said: “DIY can help present a house in the best possible light when you’re trying to sell, but getting in the professionals is a wise move if you’re not so handy in the decorating department yourself. Unless you play it safe with neutral colours and simple, stylish fittings, your hard work could go to waste - new owners want to make their own mark.
“An energy efficient home, whether it is motivated by concerns about global warming or the size of future heating bills, is moving higher up the wish-list. New kitchens and bathrooms can add value and keeping the colour schemes simple could help attract buyers as it creates a blank canvas. But practical improvements like cavity wall insulation rather than just cosmetic ones appear to be growing in appeal.”
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For those homeowners who love their current home and are loathed to move, a secured
home improvement loan could be the solution. Homeowners planning to move to accommodate their growing families, and who are keen on home improvements, could consider improving what they’ve already got with a secured home improvement loan. Secured home improvement loans could provide the finances needed to add space as their families grow. Space adding projects that may be funded with a secured home improvement loan include loft and basement conversions, traditional extensions and also garage conversions. One of many options, secured home improvement loans can usually be repaid over a term to suit the borrower from 5 to 25 years.
