Is Renovating my Property a Financially Savvy Proposition?
September 28, 2009
For many of us, the first question we will often ask is: “will I get the value of the renovation back on my property? For those with a vested interest such as builders, the answer given is often that you cannot lose money in bricks and mortar. However, is that really the case? In this time of economic instability, the answer to this is not necessarily - unless you live in a “property hot spot” of Mayfair or Sandbanks in Dorset for example.
Take a loft conversion as a typical home improvement project for example. With stringent building regulations in place (they are there to protect you, your property and the public at large), it can often be found that the monetary value gained would only cover half the cost of the work. When measured against house prices in that area, the proposal was not financially viable.
If you are thinking about undertaking a project, one way to get a rough idea of what your extension would be worth is to simply look around estate agents local to you for properties of a similar size to yours or similar to your theoretical finished property. Afterall, that is what valuations are based upon, comparing like for like and what they sold for. Whilst this will prove a valuable exercise (no pun intended), try to be open minded and appreciate that money doesn't always make our lives go round. Home improvements are more about how to meet your lifestyle requirements. I remain personally convinced that in the long term (and as statistics demonstrate), any home improvement will prove a financial investment also.
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