Some happy news for house price increases
Are you fed up of the doom that sits over the housing market? Us too. So here’s some positive news, especially if you’re looking to make some home improvements. But which ones will give you the greatest return on your investment? According to a recent HSBC home improvement survey, thousands of homeowners have spent money on DIY but are missing the major changes that can increase property value.
A loft conversion comes in at No.1, increasing value by an average £20,876 – a 54% increase since 2009.
A room extension will increase your property by about £16,000
A conservatory by more than £8200 (shame they didn’t do orangeries as a separate listing as these are now so popular)
Other improvements were:
A new kitchen – over £5,500
New windows – over £5,000
Redecorate house – over £3,000
Drive resurfacing almost £3,000
Re-carpeting over £2,000
All the above are averages, so no hard and set rule but it gives a good overview of where money is best spent.
Overall, HSBC indicates this is a 62% increase since their last survey in 2009.
Stuart Beattie, head of mortgages at HSBC, said: ‘Householders should primarily do the work with the aim of creating a home they can live in and enjoy as there is no guarantee of increasing property value.’
Published June 17, 2011