UK homeowners have spent an average of £8,000 on home improvements in the last five years.
New research from the National Association of Estate Agents (NAEA) shows a remarkable £48 billion has been spent by DIYers and home improvers.
Its figures show that an incredible 98 percent of homeowners have carried out some kind of work on their property in the last five years.
Aiming to add value
Many of those who have forked out on renovations or extensions have done so because they cannot afford to move up the property ladder or they cannot find a more suitable home elsewhere.
However, others have done so to add value to their home, looking to cash in when they sell.
Redecorating, garden landscaping, installing new flooring and doing up the bathroom are among the most popular home improvement projects across the nation.
Other popular plans include changing the kitchen, installing a conservatory and building a garage.
Appealing to future buyers
The research has been revealed at the start of National Home Improvement Month.
Mark Hayward, chief executive of the NAEA, said: “Improvements can add value and saleability to a home that’s going on to the market.
“If you’re making improvements to add value to your home, it’s important not to over-personalise the decor so it appeals to future buyers. They need to be able to see themselves living in your home.”
RICS Level 3 Survey essential
While homeowners who have made improvements to their property will hope to recoup their outlay and more in a sale, any buyer keen on a home where there have been significant renovations should proceed with caution.
In fact, the first thing they should do before considering a serious offer is to instruct a RICS Level 3 Survey and get a chartered surveyor to run an expert eye over the property.
Surveyor Local only works with chartered surveyors who are members of the Royal Institution of Chartered Surveyors (RICS) to offer a range of surveys.
Talk to our team on 0800 038 6677 – we’re open seven days. You can also compare property surveys here to find out which one best suits your intended purchase.
