How much can home improvements add to your property?
More than half of UK homeowners have plans to spend the upcoming bank holiday weekends doing DIY projects but they could be doing little to increase the value of their homes.
According to the latest HSBC Home Improvement Survey found, a loft conversion will add the most money onto a property's value at £16,152, but this is 23% less than in 2011.
Building a new kitchen will increase value by £4,577, down 19% compared to last year.
The only DIY project that would make you more money than in previous years is building a conservatory. This will push up the price by £9,420 – a 14% rise from 2011.
Paul Cutbill, valuation expert for Countrywide Surveying Services, says: "While 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."
Jonnie Irwin, spokesperson for online trade recommendation service ratedpeople.com, says: "A well-executed project, such as a loft conversion or extension, will almost always add value to your home. My advice is to keep an eye on the ceiling price in the area to avoid over-developing, and make sure you stay within your skill set. Shoddy DIY will always deter buyers and could potentially devalue your property - always hire a quality tradesman with experience," he adds.
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