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Home improvers look for profit

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by Gill Montia

Halifax has published details of a survey that takes a look at the improvements property owners make, specifically to increase the value of their dwellings.

In the past 12 months one in four respondents made such improvement, an increase of 7% on the previous year.

The majority, (51%) did so in the belief that the work could add up to £5,000 to the value of their home.

Young property owners were keen home improvers, with 68% of 18 to 24 and 25 to 34 year-olds undertaking such work.

Many in these age groups would be first-time buyers modernising their homes with a view to adding value and moving up the property ladder.

Those surveyed believed that new kitchens and extensions were likely to add the most value, with the kitchen as the single improvement which would add the most monetary value to a home.

Loft conversions came next (8%), followed by conservatories (7%).

In 2006, the most common home improvements undertaken were redecorating (66%), garden work (41%), new furnishings (30%), laying laminate or wood flooring (25%) and adding a new bathroom (24%).

Of those redecorating, 36% believed that the work had added up to £2,500 to the value of their property, while 29% calculated the financial benefit at between £2,500 and £10,000.

Almost one fifth of those who improved gardens estimated that the work would increase the value of their property by over £10,000 – the legacy of Capability Brown lives on.

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News posted: September 13, 2007

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