Home improvements fail to add value

12/05/2009

Expensive home improvement projects fail to add value to a property, HSBC has said.

Figures from the mortgage lender suggest that Brits could be wasting valuable cash by splashing out on new carpets and bathroom suites.

Replacing carpets in order to increase the asking price of a home will add just £1,273 to the total value. Almost 50 per cent of property valuers said that new carpets would do nothing to the value of a home.

A further 44 per cent said re-surfacing a drive to add curb appeal is also a misplaced expense and will not up the overall price.

Similarly 24 per cent said a new bathroom will not increase the value of a home – which may come as a surprise to many homeowners.

Martijn van der Heijden, head of secured lending at HSBC, commented: "Today's challenging housing market is making valuers reconsider previously held assumptions of what home improvements actually add in terms of value.

"As such, homeowners looking to improve their home should do so first and foremost to live in and enjoy, rather than for any uncertain increase in value."

The latest data from the Royal Institute of Chartered Surveyors (Rics) revealed an increase in the number of new buyers making property enquiries in April.

Tags; Housing Debt and Bills,

Regional Debt Advice; Debt Advice Bath,

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