Recent research by property firm Kis has suggested that home improvements that do not add space to a property may not contribute significantly to its retail value.
Ajay Jagota, the chief executive of Kis, has asserted that space is central to the value of a property, so a loft conversion in Chester could significantly increase the sale price of a house.
While an extension can also add considerable value to a home, in contrast, the installation of an en suite bathroom might not be a highly productive move if the homeowner is looking to sell.
Jagota commented:
“What you’ve really got to consider then is the impact on the saleability of your house of home improvements like en suites. What to you might seem like the height of sophistication and luxury might seem like relieving yourself in a cupboard centimetres away from your partner’s head to a potential buyer.”
According to Jagota, the recent trends in the UK rental sector are worthy of note. From his perspective, renters are now prepared to stay in properties for longer periods of time than they once did.
In addition, this group of residents is apparently becoming more conscious of space – an appreciation that may be connected with family expansion, according to Property Reporter.
A loft conversion could add over £70,000 to the value of a home in parts of the North East. However, the precise economic impact of this type of home improvement could vary around the country.
