Wednesday, Jul 23, 2008
Not such good news for builders, plumbers, window fitters, kitchen fitters, ....
Telegraph: House Prices: Home improvements are a waste of money
Not sure if this has posted before ...
Falling house prices means that home improvements such as a new kitchen or a loft conversion are a waste of money.
Declining house prices mean that other, previously profitable improvements, such as extensions and new kitchens are now expected to result in negative "net value added" of between minus £13,806 and minus £20,232.
Posted by it_is_going_with_a_bang @ 12:03 AM (587 views) Add Comment
5 Comments
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1. sosoon said...
The benefit of throwing thousands of pounds into home improvements to enhance its value has always been a myth; it was only rising house prices that gave this illusion.
And as for diy.com; they have presided over some of the biggest destruction in home value ever, assisted by their best friend MEW
2. paul said...
It is astonishing how many people believe that they can raise the value of their property by home improvements in a falling market. They think it will counter any possible decline in value (but of course all homeowners believe their area will be immune to a downturn because of). The fact is, if they are looking to sell its merely a gift to the buyers because they won't pay for it either way.
3. str 2007 said...
Well my landlord agrees with you anyway! But don't worry I find him a few bits to do, I think the bill was about £800 last month !
4. d'oh said...
In the current market, one advantage of home "improvements" (provided that they are improvements) is that they probably help sell the house against similarly priced houses needing improvement. Not wanting to sound like Sarah Beany, but if you want to sell and there are 10 otherwise identical houses in the neighbourhood, one would be very foolish to leave those 70s carpets in place.
5. Tara747 said...
In our last place, we had £7000 worth of work done in a single year, which was more than the rent!!
hahahaha