Tuesday, May 27, 2008
Homeowners seek to add value in a falling market!
MoneyNews: Halifax Mortgages: Home improvements 'can add value'
Halifax Mortgages proclaims that 28 per cent of homeowners are planning DIY improvements to their property this year specifically to add value. Half of those surveyed believed that decorating and doing the garden up will add up to £5,000 to the value of their home, while 12 per cent think the increase will be between £10 and £25,000. Sadly in a falling market all that hard work and cash may be a complete waste of time.
Posted by enuii @ 09:24 PM (679 views) Add Comment
10 Comments
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1. icarus said...
Tells us nowt. How does the 28% compare with last year at this time? How many are making improvements to increase their chances of selling at somewhere close to the asking price?
2. harold said...
One reason large number maybe planning DIY projects is because they've given up all hope of moving. More bad news dressed up as good.
3. a saver said...
In a falling market every improvement you make is a gift to the buyer, especially if it delays putting the property on the market. Been there, done that.
4. growler said...
I think with many DIY stores reported losing sales and shutting stores down - Wolsey (spelling?) with big problems - I think this is a case of optimistic vested interest at the very least. I don't believe it.
5. bystander said...
This is stating the bleeding obvious - if you, the buyer views two properties, same age, design etc., but one looks like the 'Adams Family 'house (apologies to anyone called Adams), and the other looks fresh, clean, neutral and inviting etc. which one will command the higher price????DUH!!!!
6. jack c said...
Repeats on cable/Sky TV of "add £10k to the value of your house" should now be of great benefit. I was truly amazed that 2 coats of magnolia and a new rug could make such a huge difference (LOL)
7. Quoth said...
"which one will command the higher price????DUH!!!!"
More like, which one has an increased, ableit slim, chance of selling.
Q
8. Eastleighfan said...
I have heard that adding stone cladding to the front of your property adds ££££££'s to it's value . (Snigger !!)
9. maddison said...
Improvements to your house can only add value obviously! note the word "improvement" ie well planned and executed extensions not just painting, new floors, new kitchen/bathroom. If you are trading down then delaying your sale is not good. if you are trading up it doesn't matter that house prices are falling as long as your mortage payments are affordable.
10. the haunted said...
Well, it will be nice to know the houses I will be looking to buy next year at minus 30% of their current value will have been decorated for me, bonus!