Pre-sale home improvements 'are often a waste of time'
Published On 2 April 2007
People are spending money, and possibly taking out expensive homeowner loans, redecorating their property before selling it, a new report says.According to research carried out by the Yorkshire Bank, one in three homeowners are spending time and money repainting and decoration their house before putting it on the market.
Many people may be spending money that they have obtained from a homeowner loan to carry out the work and it could be wasted, the report found.
A third (33 per cent) of buyers revealed that they plan to completely redecorate their new home when moving it, meaning that the effort and cost the previous owners expended will be totally wasted.
"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," explained Gary Lumby, Yorkshire Bank's head of retail.
However, the research did find that people would be wise to invest their homeowner loan improving the energy efficiency of their home if they want to increase its value.
One in eight buyers (12 per cent) said they would reject a home if it was not energy efficient - for first-time buyers, this figure increased to 19 per cent.
