Homeowners are more inclined to improve their current property rather than move house, research carried out by the Royal Institute of Chartered Surveyors has found.
The improvements which added the most value to a property were additional bedrooms, followed by a new bathroom or kitchen. On the other hand, although adding a new conservatory or reinstating period features was desirable, they were unlikely to add any extra value. Additionally, the increased value on the home was unlikely to cover the costs of any such improvements added, RICS said.
The research advised homeowners that despite improving the interior of a property, external factors such as busy roads or railways put a cap on the value of the property.
David Dalby, RIC's professional groups director, said "Most properties provide some potential for expansion and improvement, but we would advise people to think about how much they are investing and their key motivator before undertaking major projects."
RICS surveyors advised homeowners that location was still a key factor when trying to sell a property, and that most areas had a maximum sale price.
"Costly disappointments can be avoided by prior planning and research," said Mr Dalby.Reuse content