The home improvement that does add value
By Lorrbrit | Wednesday, August 01, 2012, 12:16
Since Britain went into recession there has not surprisingly been a noticeable rise in the number of people undertaking home improvement projects. As well as adding to their own comfort and convenience, shrewd home owners clearly hope to use improvements to increase the re-sale value of their property and put their home ahead once the market picks up again.
But according to a survey carried out by banking specialists HSBC, certain home improvements are not adding the level of value that they did 12 months ago. This includes loft conversions, bathrooms and kitchens. HSBC found that the only form of home improvement to add more value to a home than a year ago is a conservatory.
Adding a new conservatory to a property it says, will boost its value by an average of £9420.00. That is a 14% more than the £8233.00 that was recorded in the survey a year ago.
Peter Docker, Head of Mortgages at HSBC has issued the foolowing words of caution.
"Homeowners should think carefully about the type and extent of any home improvement works they are planning. Those which enhance the quality of life while reatining broad appeal should be favoured over more individually styled alterations"