subject: Landlords Stay And Modernize As Market Stutters [print this page] With the property market fixed in the doldrums, householders are increasingly opting to improve their existing property rather than shift home, based on new research from RICS.
Over 50% of chartered surveyors across the United Kingdom said that the steady sales market is prompting an increasing number of people to develop their existing properties rather than relocate property . Significantly , this model is being seen right across the country , with those in the North West almost certainly to stay put and also renovate their recent estate . In spite of this , even in more buoyant locations , such as London , buyers are facing large property prices which are also prompting them to stay where they are and replace their existing homes .
For those undertaking work to their homes , the addition of a new kitchen verified most popular , while upgrades such as using an additional bedroom were additionally a preferred choice . RICS warns that expense incurred for developments will not always be claimable from the potential increase in a property"s value , because this also depends upon the quality of perform and other aspects of the property , such as its style and location .
Many properties obtain expansion or improvement potential , but we would probably advise householders to consider how much they are investing and their key motivator before going through major campaigns . It is very important consider the model and age of the estate before undertaking any specific performs . Remember , whenever you do eventfully try to sell , what appeals to you may not appeal to prospective customers . Costly disappointments can be prevented by prior organizing and research . RICS advice that whatever you decide to do with your home make sure you seek recommendation and ensure that all performs are performed by experienced builders .
Peter Bolton King , RICS Global Residential Director
RICS advice regarding how to make the most out of property developments :
- Don"t be attracted to over importance a development and anticipate high instant returns irrespective of market problems
- If extending , confirm that the accommodation supplied ( i .e . property size ) is well balanced with the scale of the area , bigger is not always better
- When going through a loft extension or underground modification try to maintain the model of the new rooms in sympathy with the design of the rest of the property . An innovative expansion on a standard property may look strange and lose some appeal
- In case you are trying to sell , try to remember most places have a ceiling amount , ie , a maximum sale amount you could obtain . Improving a poor property in a reliable location is better than improving a reliable estate in a low place
- Don"t bite off more than you can chew - stay with a lower and require the masters for guidance .
