Increase property value with intelligent renovation

Posted: 25 Sep 2007 10:34:33 GMT

The value of a property can be improved with renovation work, but sellers need to be wary of pricing buyers out of purchasing their home.

The value of a property can be improved with renovation work, but sellers need to be wary of pricing buyers out of purchasing their home.

That is according to the National Home Improvement Council (NHIC), which says that renovators need to do their research before embarking on a project.

Spokesman for the NHIC Andrew Leech said that most properties will see their value rise after home improvements have been carried out.

"Renovations or extensions can improve the value of the property - [but] you have got to be careful not to off-shoot the value of the property in the area that you're living," said Mr Leech.

"It's all very good spending £75,000 on an extension to a house which is in the region of £250,000 to £300,000 and when you come to sell [your property] you can't sell it for the added value; it might not be an area where houses are selling for that price.

"You should bear in mind the price bracket of properties in the area when renovating your house," he added.

A recent report by Halifax found that 25 per cent of Britons who carried out home improvements in the last 12 months did so to increase the value of their property.

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