What really adds value to your home

[Martin@AS Financial]

An interesting article from Nationwide Building Society.

When it comes to assessing a property’s value after home improvements, banks tend to focus on measurable changes — most notably, an increase in raw square footage.

While upgrades such as a new kitchen, modern bathroom, or underfloor heating certainly add comfort, lenders rarely attribute significant additional value to these features. This is largely because interior design choices are subjective and their appeal varies from one buyer to another.


Full report here:

https://www.nationwide.co.uk/media/h...4i-s4xyv-solpv

[ladymuck]

That makes sense. A nice kitchen or bathroom help make a property more saleable, but rarely adds value.

[cojak]

Next door is on the market. The previous owner had completely stripped and upgraded so it's a perfect 'walk in and live' place for real homeowners but the vampire developers who have looked at it fortunately didn't buy as the owner was 'asking too much'.

I suspect that they were wanting to squeeze an extension onto a too small garden plot.

[WTFH]

When we bought our house in was council tax band E. It is now band F, and that's without the work we are planning for the next couple of years.

[tazdevil]

Can get eye wateringly expensive for fewer services as you rise in the tax bands. We're a 'G' and paying £300+ a month living in a rural location with no busses or any other useful services other than bin collection, the bank teller a few years ago thought our council tax payment was our mortgage payment

[tazdevil]

That makes sense. A nice kitchen or bathroom help make a property more saleable, but rarely adds value.

True, most people have there own idea as to interior fittings and decoration. We know a few people who've bought someone else's ideal only to rip it out and replace shortly after moving in

[courtg9000]

Next door is on the market. The previous owner had completely stripped and upgraded so it's a perfect 'walk in and live' place for real homeowners but the vampire developers who have looked at it fortunately didn't buy as the owner was 'asking too much'.

I suspect that they were wanting to squeeze an extension onto a too small garden plot.

What they really mean is they wouldn't get planning to make enough profit for them! Typical excuse from developers

[northernladuk]

Next door is on the market. The previous owner had completely stripped and upgraded so it's a perfect 'walk in and live' place for real homeowners but the vampire developers who have looked at it fortunately didn't buy as the owner was 'asking too much'.

I suspect that they were wanting to squeeze an extension onto a too small garden plot.

Happening a lot in my little village. There have been a number of small terraced houses 'uplifted' to within an inch of their lives with super modern fittings. The pictures look like it's some high end London apartment but it's just a two down three upper. Done to a very high standard but the price they are going up for is unbeliveable. Like 50%+ the value of the house next door. One went up earlier in the year and drew widescale derision on the local FB group. Took four or five months to sell but it did go. Don't know how much yet but a lot of people waiting for the house registers to get updated so we can see.

It is a beautiful house for sure but the price it's at gets you an extra bedroom, garage, garden at the back and off road parking, none of which these have. Could be the start of many more or just a couple of punts that have failed miserable so eager to see.

[northernladuk]

We've got a lot of old terraced housing in my area and there is a right mix of things people have done to them. Extended kitchen in to backyard, loft conversions and moved the bathroom from back to front of house, added extra bedroom (with the bathroom moved) and it doesn't really seem to have affected the price by all that much.

Particularly surprised the loft converstions don't seem to have added much although there is a lot of annoyance about a certain chain offering them as three bedrooms when the conversion doesn't mean regulation so can't be classed as a bedroom. I don't know how much a loft conversion is but it's going to have to be cheap to be worth doing looking at how little it adds.

I can't see how the kitchen extensions are viable at all as they difference in price between one done and one that hasn't seems to be about on par of the cost of it.

It's all rather strange on the face of it but I've a feeling it's because it's small entry level houses people want to buy an 'unconverted' one and make some money on it which pushes the prices up. There is definitely no money in 'doer uppers' round here as they go for almost as much as a ready to move in one. The only people that can make anything flipping houses round here are builders that have all the skills and gear and can do it cheap and very quick.

[courtg9000]

I don't know how much a loft conversion is but it's going to have to be cheap to be worth doing looking at how little it adds.

I have been out of the game for a while but it used to be £20k starting price ish. Plus costs (architect, legal - party wall for example, planning fees etc) a bit location dependent.