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Home improvements no longer make you money
In news timed suspiciously close to the start of the football season, a new report says it’s time to put down those hammers and put up those feet. Estate agents believe that the vast majority of home improvements are now unlikely to add more value to a property than the homeowner spends on the upgrade, according to research from Abbey Mortgages. For people looking to boost equity in their property to get a higher price when they come to sell, the only home improvements currently recommended by estate agents are cosmetic improvements such as repainting and decorating. These can be expected to add up to £2,227 over and above the cost of the home improvement. Stagnating house prices mean that other, previously profitable improvements, such as extensions and new kitchens are now expected to result in negative "net value added" of between minus £13,806 and minus £20,232. That is they will cost more to implement than they will end up adding to the value of the home. Despite this 8.3 million homeowners still plan to carry out some form of home improvement in the next 12 months, with 3.2 million planning to install a new kitchen, 2.4 million looking at a new bathroom and 1.9 million planning a conservatory or some other form of extension. A further 589,000 homeowners are planning to convert their loft or basement. Phil Cliff, director of Abbey Mortgages, commented: "Our research shows that very few home improvements will actually add more value than they cost to implement at the moment, so it's important that people are making these improvements because they want to live in the end result and aren't doing them in order to add value alone." http://www.whatmortgage.co.uk/ccstory/228491/143/Home_improvements _no_longer_make_you_money.htm |
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