11
Nov
Home improvements 'can add value'
Making basic improvements to the appearance of a house can add up
to five per cent to its value, according to a home improvement
expert.
Presenter of I Own Britain's Best Home Michael Holmes claims that
simple changes to a property, such as redecoration and installing a
new kitchen, can make a real difference when a house reaches the
market.
Mr Holmes splits repairs into two categories: the essential,
including ensuring plumbing and insulation are up to scratch, and
the cosmetic, such as adding a new coat of paint or tidying up an
outside area.
"First and foremost is that you improve the property itself and
undertake essential repairs. They will always pay back more than
they cost," he said.
Decoration falls under the latter category. Mr Holmes continued:
"In a stable market you can add about three to five per cent to the
value of a property just by improving its appearance."
Research released by Lloyds TSB insurance in September 2009
revealed that more than one million UK homeowners carried out
serious structural work on their property without enlisting the
help of professionals in the past 12 months.
Of those, one in ten said that they undertook the work in order to
improve the value of their home as a result of the slump in the
housing market.
