Home improvements, are they really adding to your house value?
Published: 12 May 2009 By Diane Ray Leave a Comment
HSBC research indicates that home improvements may not be adding as much to your house value as you might think.
Property valuation experts suggest that home improvements such as redecorating, new carpeting or adding a new bathroom, may not increase a property’s value at all or at best may only cover the cost of the work.
Head of secured lending at HSBC, Martijn van der Heijden, commented ‘homeowners looking to improve their home should do so first and foremost to live and enjoy, rather than for any uncertain increase in value.’
Valuation experts suggest loft conversions and room extensions are the two most valuable home improvements.
To add value to a property or at least increase the chance of selling it, property valuers suggest de-cluttering can be one of the greatest helps. Creating the impression of space is key and makes a positive impact on potential buyers.
It’s not all about buying flowers and making sure there’s an aroma of brewed coffee either. Although over 40% of homeowners think this is worth doing, less than 10% of the experts agree.
If you’re thinking of buying a house or remortgaging, HSBC has allocated £15 billion of mortgage lending for 2009, with up to 90% LTV.