Money News
Research from Alliance & Leicester Personal Loans shows that consumers and estate agents are breeds apart in their views on the type of 'home improvements' that will add value to a property. Whether considering extra space, a hot tub, removing period features or paving over the garden, they find it almost impossible to agree.
To add value, estate agents are more likely to favour improvements that create space or improve decoration, whereas consumers are more likely to support leisure add-ons such as garden makeovers or hot tubs.
70% of estate agents say by far the best improvement to increase the value of your home is to add extra living space downstairs, yet only 50% of UK adults see the value of this work. According to agents, the next best improvements are a new kitchen (65%), extra bedroom/study (57%), and garage (42%), but fewer consumers agree (at 58%, 42%, 38% respectively). Consumers are also less likely to agree that internal, external decoration or replacing period features will add value.
More consumers than estate agents believe their property value will soar if they add a conservatory, have a garden makeover or even install a hot tub or swimming pool. Meanwhile, around 5% of adults believe a hot tub or a swimming pool would add value to their property, particularly in younger age groups (19% of under-25s), while less than 1% of estate agents agree.
According to estate agents, the improvements that are a sure-fire way to send a property's value falling are poorly fitted cupboards and kitchens (65%), loud external decoration (65%), polystyrene ceiling tiles (63%), and the removal of period features. Yet fewer consumers agree (at 58%, 51%, 59% respectively). While 55% of agents say removing classic features will harm value, only 34% of consumers agree.
Most UK adults are more concerned about the damage that poorly fitted tiling, cheap laminate flooring, paved over gardens and woodchip walls might do to value, whereas many estate agents feel these to be the least important.
Men value the quality of workmanship, while women worry about décor. Among the worst features for men are homemade cupboards (60% vs. 56% for women), bad tiling (55% vs. 49% for women) and cheap, badly fitted laminate floors (50% vs. 40% for women).
Women are more concerned about the effects on value of patterned carpets (39% women, 27% men), removed period features (37% women, 28% men) and non-neutral external decoration (53% women, 46% men).
06 November 2006 © Moneyextra.com
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