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Homeowners ‘improve rather than move’

By Martin Fagan - news@consumerchoices.co.uk

Increasing numbers of homeowners are deciding to improve rather than move home, according to new research from RICS.

The slow property market is prompting people to improve their properties rather than relocate, according to research by the Royal Institute of Chartered Surveyors (RICS).

Across the UK, this “improve not move” attitude was most prevalent in areas where the property market is more depressed, such as Northern Ireland, where 75% of homeowners were improving rather than moving and the West Midlands where the figure stood at 71%.

However, RICS members said not all home improvements added value to the property and householders should consider carefully before calling the builders in or picking up a sledgehammer.

For those undertaking work to their homes, 44% of surveyors reported that additional bedrooms were the improvement which added the most value, while 18% said adding a new bathroom or kitchen were the next most valuable.

Adding a conservatory, or reinstating period features were seen as desirable optional extras but did not necessarily add value.

Surveyors said external factors were most likely to detract from a property's value: 40% found a property's proximity to a noisy road or a railway decreased value, while known subsidence was seen as the next most likely issue to affect value.

“Most properties provide some potential for expansion and improvement,” said David Dalby, professional groups’ director at RICS.

“But we would advise people to think about how much they are investing and their key motivator before undertaking major projects. It is important to think about the style and age of the property before undertaking any works. Remember, what appeals to some people may not appeal to others.”

When considering home improvements, irrespective of housing market conditions, RICS advised homeowners not to be tempted to over-value an improvement and expect high instant returns.