<Wood floors vs house value.
In terms of return on investment, making changes to internal décor
like installing a new floor is not cost effective. Adding laminate
flooring actually devalues a property by 2%. Surveys also show that
carpet is making a comeback over laminate flooring. However installing
central heating is a good investment that would increase the value of
the property. At an average of 7%, you could add about £15,000 by
installing central heating.
A survey by Direct Line Home Insurance has found that many home
improvements carried out actually devalue a home. According to
surveyors Habitus, installation of a laminate floor could reduce a
property?s value by 2%. With the average property valued at £192,745
in March, according to Land Registry figures, they could lose about
£3,800 when they sell their home.
According to Nationwide?s survey, installing central heating could add
a 7% premium to a house?s price.
Source: Home renovations ?can reduce resale value? by Hilary Osborne.
June 15, 2006. Guardian Unlimited.
Adding central heating adds 8.3% in value in London.
According to this report laminate flooring is number 18 in the top 20
loss makers in the home, reducing its value by £2,000.
How an avocado bathroom can slash your home?s value by £8,000. David
Ward. The Guardian. July 22, 2004.
According to this survey just over a third of homeowners choose to fit
new carpets, which are making a popular return over laminate flooring,
which is the fourth most popular improvement.
Carpets are making a return over laminate flooring which became all
the rage in 1998.
Source: Bank of Scotland?s home improvement survey. 2006.
According to this survey of estate agents, internal décor ranks number
three in the list of worthless home improvements.
Almost any kind of interior design work will cost you money and that
money will not be repaid to you when you eventually sell your house.
This includes money spent on fitting carpets, laying parquet flooring,
installing new electrical lighting, fitting a new bathroom suite and
installing a new kitchen. If it's not what your purchaser wants, it'll
just get ripped up.
Source: Adding value to your home. Motley Fool. May 17, 2006.
A new kitchen tops the poll as the most remunerative home improvement,
with 71 % of the agents voting it as one of the three most worthwhile
additions to a home. This is followed by a new bathroom (53%) and a
conservatory (46%). Other popular home improvements include,
double-glazing, central heating, garage & parking space and loft
Jon Sykes, head of mainstream mortgage products at Halifax says: "With
any home improvement project planning is key. Changes that are purely
down to personal preference and a desire to have the latest 'must
have' features can strip value from your property when it comes to
Central heating has been ranked as six out of ten by Halifax's
valuers, because it is assumed that there should be a decent central
heating system in a home. Indeed, a recent Halifax survey found that
the 'warmth factor' is now considered to be an essential feature of a
home and four fifths of respondents (80%) considered central heating
to be essential.
Source: Home improvements where they matter. Halifax.
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