11 Nov

Home improvements 'can add value'

Home improvements 'can add value'

Making basic improvements to the appearance of a house can add up to five per cent to its value, according to a home improvement expert.

Presenter of I Own Britain's Best Home Michael Holmes claims that simple changes to a property, such as redecoration and installing a new kitchen, can make a real difference when a house reaches the market.

Mr Holmes splits repairs into two categories: the essential, including ensuring plumbing and insulation are up to scratch, and the cosmetic, such as adding a new coat of paint or tidying up an outside area.

"First and foremost is that you improve the property itself and undertake essential repairs. They will always pay back more than they cost," he said.

Decoration falls under the latter category. Mr Holmes continued: "In a stable market you can add about three to five per cent to the value of a property just by improving its appearance."

Research released by Lloyds TSB insurance in September 2009 revealed that more than one million UK homeowners carried out serious structural work on their property without enlisting the help of professionals in the past 12 months.

Of those, one in ten said that they undertook the work in order to improve the value of their home as a result of the slump in the housing market.
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