As you look through the pages of most property-related newspapers and magazines, you are likely to come across one survey or another that seeks to prove how various property improvements add a certain percentage to the value of a property.
There has recently been a marked increase in the number of people undertaking improvements whose motivation is specifically to increase the value of their property prior to a sale. If you are considering such improvements, you should approach such surveys with caution.
For example, the public’s response to a recent survey as to which home improvements were most likely to add value were at odds with the view of a panel of property valuation experts and Chartered Surveyors. The public’s view was that a new kitchen would add more value than either a loft conversion or an extension. Certainly, whilst a new kitchen might be the most impressive of the three and have the greatest initial impact, we would agree with the expert view that an extension, closely followed by a loft conversion, would generally contribute more to a property’s value than a kitchen.
This is because, unlike a kitchen, an extension of some description actually increases the size and hence usability of the property. This means that it is likely to appeal to more buyers and therefore generate a higher price for your home. This is especially true where the additional space means that your property falls into the category of buyer above that in which it stood before it was extended. For
example, a two-bedroom cottage suddenly appeals to the family market once a third bedroom and second bathroom are added.
There are numerous factors to consider when deciding how to enhance your property’s value and saleability. Please feel free to call us if you would like to discuss your own plans with an expert.
Neil Newstead, FARLA MNAEA
CEO – Oakfield Estate Agents