The potential increase in property value following DIY has dipped in the last 12 months compared with previous years, according to a new survey.
The annual HSBC Home Improvement Survey found that refitting or altering a home, although beneficial, may not provide the same level of financial return in today's market than may have been the case in previous years.
The survey found that 52% of house proud Brits plan to keep themselves busy making home improvements, including redecorating rooms and laying new carpet, during the Bank Holidays weekends in April, May and June.
Valuation experts deemed a loft conversion to be the best way to improve a property's value. The work will increase the value of a property by on average £16,152 but this is 23% less than in 2011. A room extension will add £15,665, 3% less than last year, while a new kitchen will boost the value by £4,577, a decrease of 19%.
The only major home improvement work to increase the relative return on investment in the past year is a new conservatory. The work will increase property value by on average £9,420, a 14% increase since 2011.
The survey also highlighted the regional variations of how home improvements can boost property value. A new kitchen in London will increase value by on average £9,125, compared with £4,300 in north east England and £2,333 in Scotland.
'Whilst sensibly improved and well presented homes will generally be attractive to potential purchasers, rising labour and material costs mean that the gap between the cost of improving and monies realised at the point of any sale has been reduced.
'Poor quality refitting and lack of proper design considerations, often as a result of inadequate project budgeting and planning, can also have a significant knock on effect to any added value which might be gained when selling a property,' said valuation expert Paul Cutbill, of Countrywide Surveying Services.
Peter Dockar, head of mortgages as HSBC believes that home owners should think carefully about the type and extent of any home improvement works they are planning. 'Those which enhance quality of life while retaining broad appeal should be favoured over more individually styled alterations,' he added.
SOURCE Propertywire
