Home Improvements Where They Matter
29 May 2006
Source: HBOS
Home improvement projects should only be carried out after careful consideration and planning to make sure that they add value where it matters, advises Halifax, the UK's largest mortgage lender.
New research from Halifax has identified which features of a home are considered to add value and create good, first impressions and those that are considered to be undesirable and potentially detract from the monetary value of a property. Halifax's valuers have then provided details about which home improvements actually add the most monetary value to a property.
Homeowners should take such factors into consideration, if they want to maximise the potential of both their DIY activities and spend.
Key findings of the Halifax research are:
• Limescale or mould build up is the most undesirable 'cosmetic' feature of a property – When it comes to DIY priorities, over one in ten people (11%) consider limescale or mould build up to be the most undesirable 'cosmetic' feature of a property.
• A modern, fitted kitchen adds the most value to a property, according to respondents Almost one third of respondents (29%) believe that a fitted, modern kitchen is the main feature to improve the monetary value of a home. A kitchen was ranked in second place by Halifax's valuers.
• According to Halifax's valuers a loft conversion can be the best value for money home improvement – Loft conversions can add as much as ten out of ten, in terms of value of money, if the property is located in the right area and the project is properly managed.
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• A garden moulds first impressions of a property – A well kept, presented garden forms a good, first impression amongst almost half of people (43%.)
• The sitting room is the most important room in the house – Over one third (36%) say that if they were to move in the future, it is the sitting room that would appeal to them the most, if it was designed and decorated in a way they liked.
• Most people want to change the kitchen – The kitchen is the room that most people want to change (25%.)
1. The most undesirable features of a property:
When it comes to DIY priorities, limescale or mould build up is considered to be the one of the most undesirable 'cosmetic' (11%) features of a property.
With regards to other features of a property, a lack of parking space and a garden area is also undesirable amongst 12% and 11% of respondents respectively.
2. Which home improvements do homeowners think add value:
Almost one third of respondents (29%) believe that a fitted, modern kitchen is the main feature that will improve the monetary value of a home. Double glazing and a conservatory are in second place with 8%.
Creating a good, first impression:
When looking to sell a property, it is essential to create a good, first impression. It would therefore be advisable to focus home improvement effort on garden enhancements and furniture, as a well kept, presented garden forms this opinion for almost half of people (43%.) This is followed by windows and driveways at 13%.
3. The most important room:
The most important room to decorate within the home is considered to be the sitting room. Over one third (36%) say that if they were to move in the future, it is the sitting room that would appeal to them the most - if it was designed and decorated in a way they liked - followed by the kitchen in second place (34%.)
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The sitting room is even more popular with men, 40% compared to 32% of women, and those who spend the most time at home, the over 65 year olds (45%.) The kitchen is the second most popular room in the home (34%), particularly with women, 43% compared to 25% of men and amongst 45 to 54 year olds (44%.)
The room most people want to change:
The sitting room may be the most important room, but it is the kitchen that most people want to change (25%.) For those who wanted to change a specific room the bathroom is second on th
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