UK Money News
22nd July 2008
Improvements 'no longer add value to homes'
Homeowners have been urged to hold off on home improvements or risk not recouping their outlay to carry out the work.
Abbey was moved to issue its warning after a poll of estate agents found that most home improvements will on longer add more value than they cost.
Among the least advisable changes are fitting extensions or new kitchens, which it is claimed could result in the owner facing negative net value added of between minus £13,806 and £20,232.
However, making cosmetic improvements remains prudent since these are deemed to add up to £2,227 over and above the cost of the work.
Phil Cliff, director of Abbey Mortgages, commented: "Our research shows that very few home improvements will actually add more value than they cost to implement at the moment, so it's important that people are making these improvements because they want to live in the end result and aren't doing them in order to add value alone."
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