Making improvements to a home can be more than just aesthetically pleasing. Such is the assertion of Alliance & Leicester where as part of its ongoing Moving Improving research it was suggested that a significant proportion of Britons are carrying out renovations on their property with the sole intention of increasing its value.
According to the financial services firm, some 38 per cent of people claimed to have improved their home in the past especially to make it appealing to buyers. Looking forward, meanwhile, about one in five (19 per cent) consumers are set to renovate their home so as to add value or to make it a more attractive purchase.
However, not all home improvements were shown to be carried out with the sole intention of making money, with half of respondents doing so simply to make their property a nicer place to live and to avoid the hassle and cost of moving home.
For consumers looking for an effective way in which to finance renovating and refurbishing their property, applying for a homeowner loan could be recommended.
The firm indicated that 69 per cent of people believe that redecorating their home is the best way in which to increase the value of their property, with 59 per cent opting to improve outside space. Meanwhile, just over one in ten are planning on making their home more environmentally-friendly.
Richard Taylor, head of mortgage products at Alliance & Leicester, commented: “Even within the current climate, there are still millions of people who are looking to move and they are doing all they can to get the best price for their property. However, it is clear that DIY and home improvements remain important to all homeowners, both to those looking to add value to their house in order to sell and to those who are looking to stay put and benefit from these improvements personally.”
He went on to report that with the housing sector currently under pressure, it is important that homeowners who are looking at selling their home are aware of what features prospective buyers are looking for in a home. “What sellers perceive as necessary improvements can often be irrelevant to those looking to buy. However there are many worthwhile and value-adding improvements which will make properties more attractive to the buyer and generate the market value of the property,” Mr Taylor added.
The study indicated that the two highest priorities in a home for would-be property buyers are the number of rooms available and if the house is well maintained. Meanwhile, about half favour large kitchen space, with 32 per cent placing value on a garage.
Whether wishing to increase the value of a property or simply increase the amount of space that it has, taking out a home improvement loan could be a recommended move for many Brits. In applying for this kind of home loan borrowers may be able to purchase the materials needed and the professional tradesmen required for such work. Getting a loan might be particularly helpful after a recent Halifax Home Insurance study showed that nearly 600,000 Britons found their homes were damaged in 2007 after a neighbour’s home improvement disaster.
