How much will your property be worth by the end of this year?
Like many homeowners there is a good chance that you are fretting over how far the value of your property is likely to fall over the course of this year, with house prices having already dropped by over 15 percent on an annual basis compared to a year ago. Read more
Tags: due, elephant, property prices, real problems, mortgage lenders
How to increase property value
June 4, 2007 by admin
Filed under News, News-Mortgages
Homeowners are wasting money by updating the wrong parts of their homes before making a sell.
That is according to research by GE Home Money Lending which says the majority of us wrongly believe that upgrading out kitchen will increase the value of our house.
The kitchen is followed by the bathroom and general redecoration in terms of what homeowners see as adding value to a property.
However, estate agents could not disagree more, with an upgraded kitchen being ranked as the fourth most recommended course of action.
A new bathroom was only ranked seventh, while general redecoration was put in the top eight.
Carrying out jobs such as a loft conversion, a new extension and building a conservatory were the most highly recommended by estate agents, who said that these jobs would add a lot of value to a property.
“At a time of year when many are planning to improve the value and desirability of their homes, it is important that consumers appreciate and establish DIY and renovation tasks which will add the most equity to their particular home,” commented Giacomo Gigantiello from GE Money Home Lending.
“In many cases homeowners automatically opt for a new kitchen or bathroom. Whilst these are valuable additions to any home, the findings from this research show that it is also important to consider improvements that will ultimately increase a property’s living area.”
