According to the latest news:
Homeowners sitting out the credit crisis rather than taking their chances with a “For Sale” board are turning to home improvements.
Research from personal loan specialist, GE Money, has revealed that property owners across the UK are improving and extending their dwellings as an alternative to entering a stagnating property market where according to property website, Rightmove, homes for sale now outnumber buyers by 15 to one in England and Wales.
In its research GE Money questioned 110 estate agents to establish which improvements add the most value to a property.
Apparently, the loft conversion has the most potential and will typically add 12.5% to the value of a home, particularly if it creates a bedroom and an en-suite bathroom.
An extension that creates an extra room adds around 11% to overall value, or almost £20,000 for the average property priced at £183,630. This compares with £23,000 in added value for the loft conversion.
Other major projects worth considering for added value are conservatories at £12,000; a new kitchen £8,000; central heating £6,000; new windows £5,000; and an addition bathroom £5,000.
This is good news for our industry as the suggestion is that if a customer were to invest £12000 in a typical conservatory, then the value of the house would increase by £12000 also.
In otherwords - the conservatory is free!
And the same for windows. An average house full of windows and doors is probably around £5000 fitted, but such an investment will actually add £5000 to the property.
Therefore, windows and doors are free too.
Everyone’s a winner!
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