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| FRIDAY 29TH APRIL 2005 |
 DOES
DIY REALLY ADD VALUE TO YOUR PROPERTY?
May bank holiday is renowned for the flurry of DIY activity
as homeowners dust off the toolbox and embark on some home
improvements. But this can be expensive and before homeowners
start knocking down walls, one of the largest independent network
of estate agents in the UK urges them to consider the real
value it would add to their property.
Spicerhaart’s survey identifies the real value of
DIY projects on house prices and reveals:
* A new kitchen tips the scale as most worthwhile home
improvement
* Parking and garage space are buyers' top requests
* A swimming pool will sink your profits
* Garden makeover and expensive internal home décor are top of the poll
of least worthwhile home improvements
* Extra space equals extra cash
A new kitchen tops the poll as the most remunerative home
improvement, with 71 % of the agents voting it as one of
the three most worthwhile additions to a home. This is followed
by a new bathroom (53%) and a conservatory (46%). Other popular
home improvements include double-glazing, central heating,
garage & parking space and loft conversion.
% of respondents that voted the features below as their
top three worthwhile additions to a home
Creating extra space is clearly the most effective way to
increase the value of a home. As the results revealed, an
extra bedroom, loft conversion or extra living space would
increase the value of a typical house (250,000) the most
by £13,996, £12,688 and £10,000 respectively.
Other improvements that would substantially bolster the price
of a property include a garage, conservatory or new kitchen.
Estimated additional value the home improvements will add
to the value of an average home.<
Not surprisingly with the British weather, a swimming pool
was conclusively voted as the least popular and least profitable
addition to a home, with most of the respondents saying it
would not add to, and may even decrease, the value of the
home. Other home improvements that would not add value include
transforming rooms into a gym or a nursery.
The top five worthless home improvements, according to Spicerhaart
survey, also include internal décor, garden makeover
and decking, bad loft conversions and a porch.
Russell Jervis, managing director of Spicerhaart comments: "It
is interesting that a garden makeover/decking and internal
décor were both voted as one of the most worthless
home improvements. But buyers like to make their own mark
on a home and personalise it to their own taste."
"Expensive internal décor and a complete garden
makeover can be costly and vendors often will not see their
investment returned. Having said this, these improvements
may bolster the saleability of a home which is becoming increasingly
important in today’s market."
To help homeowners identify what property features will
appeal most to buyers, the Spicerhaart survey identified
buyers’ top ten requests. With more households than
ever owning one or more car, parking space or garage is the
most popular request. Other top features requested include
a kitchen/dining space, central heating, garden and double-glazing.
Russell Jervis said: "In this current market, sellers
need to pull out all stops to get the highest price for their
property and increase their chances to make a successful
sale. An experienced property developer will always have
at their forefront of their mind what type of feature will
appeal to the mass market and consequently add the most value
to their home. The results from this survey should be a useful
guide for homeowners to cash in as much as possible from
their renovations."
"However the old adage, ‘if a jobs worth doing
it’s worth doing properly’, really does apply
here. A botch DIY job will not help improve the saleability
of a home and could even devalue.
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