Over 50% of chartered surveyors across the UK revealed that the slow sales market is prompting a growing number of people to improve their existing properties rather than move house.
RICS says that this pattern is being seen right across the country, with those in the North West most likely to stay put and renovate their current property. However, even in more buoyant areas, such as London, buyers are facing high property prices which are also prompting them to remain where they are and update their existing homes.
For those undertaking work to their homes, the addition of a new kitchen proved most popular, while improvements such as adding an additional bedroom were also a preferred choice.
However, RICS warns that costs incurred for improvements will not always be covered by the potential increase in a property’s value, as this also depends on the quality of work and other features of the property, such as its style and location.
‘Most properties have expansion or improvement potential, but we would advise home owners to think about how much they are investing and their key motivator before undertaking major projects,’ said Peter Bolton King, RICS global residential director.
‘It is important to consider the style and age of the property before undertaking any works. Remember, when you do eventfully look to sell, what appeals to you may not appeal to potential buyers,’ he explained.
‘Costly disappointments can be avoided by prior planning and research. RICS advise that whatever you decide to do with your home you should seek professional advice and ensure all works are carried out by qualified contractors,’ he added.
RICS advice on how to get the most out of property improvements include not to be tempted to over value an improvement and expect high instant returns irrespective of market conditions.
If extending, RICS advises making sure that the accommodation provided (i.e. property size) is balanced with the size of the plot as bigger is not always better and when undertaking a loft extension or basement conversion try to keep the style of the new rooms in sympathy with the style of the rest of the property as a modern extension on a traditional property may look odd and lose appeal.
It also says that if you are trying to sell, bear in mind most areas have a ceiling price, ie, a maximum sale price you can expect to achieve as improving a poor property in a good location is better than improving a good property in a poor location.
‘Finally, it advises property owners not to bite off more than they can chew and to stick to a budget and ask the experts for advice.
