Improvement for homeowners

 (Moneywise magazine)

You may be surprised how little it could cost to upgrade your home from a £150,000 cash-gobbler to a £200,000 nest egg say the experts questioned by Moneywise in its recent "Home Improvements" feature.

The safest money is in bricks and mortar as the old saying goes and the recent sharp rise in house prices has meant that some homeowners will be sitting on potential fortunes with possible profits still to be made.

A Legal & General homeowners' survey carried out earlier this year revealed the most popular type of home improvement to be a conservatory, while swimming pools and saunas were improvements people were least likely to make.

If you have the right postcode and make sensible improvements, the gains you make could be all out of proportion to what you've spent.

Moneywise reveals the most popular home improvements that can add thousands to the value of your house, even if you are in an area that hasn't benefited from a house price boom:

DOs:

• Central Heating, as long as it's properly installed has an excellent effect on resale and costs between £2,000 and £4,000.

• Extensions require planning permission and cost around £15,000 but can have a good effect on resale as long as it adds useful space and blends in well with its surroundings

• Fitted kitchens with simple, clean lines are the best bet - don't get too obsessed with having all the latest fashions. Good effect on resale as long as not disproportionately expensive and cost between £5,000 and £15,000

• A fitted bathroom in the right setting, period features like claw-foot baths can be an attractive selling point. Go for simple, white, high quality bathrooms as a rule. Cost is around £2,000 with a good effect on resale.

DONTs:

• A heated outdoor swimming pool can help sell your home as a luxury package if your house and garden are big enough, but not everyone wants one and certainly not if it takes up too much of the garden. Typical cost is between £12,000 and £20,000 with a variable effect on resale.

• Loft conversions can make the house feel top heavy so don't assume it will be attractive to other buyers. Costs are between £3,000 and £10,000 with a poor effect on resale

Moneywise also advise that you SHOULDN'T:

• Rip out period features like fireplaces

• Use woodchip to cover uneven walls Create windowless rooms

• Split rooms to make more bedrooms, unless they're huge

• Put in double glazing that doesn't open

So the best changes to make are those which assist the use of the property, and bring the house up to, or slightly beyond, whatever the market expects of that particular type, age and class of property.

copyright 50connect.co.uk

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