Research by property maintenance solution provider, Help me Fix, suggest that certain home improvements - such as home cinemas, loft conversions, and solar panels - actually reduce the potential sale income of a property.
So on the plus side, their figures indicate that a garage conversion can increase sale profit by £15,840, and building a
garden office by £12,693. Here's what they say though about rebuilding your attic:
"Loft conversions are wildly popular, especially in densely populated, urban areas, but their huge expense (£37,500) means that even a 10.8% value add to the property price can’t stop a resulting -£5,542 decline in sale profit."
Ettan Bazil, CEO and Founder of Help me Fix said: “There is an assumption that major home improvements are always a good investment due to the fact that they add to a property’s market value. But what a lot of people don’t do is account for the initial cost of completing the improvement and measure it against the value added to the home. If the former outweighs the latter, your home will certainly sell for more, but your personal profit will still be reduced. We would advise homeowners to take their time and conduct thorough research before committing to any major improvements to ensure that they’re going to be better off at the end of the day."
Image courtesy Cabin Master
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