Is it a good time to be making home improvements right now? If you’re a home owner and want to make your primary assets that little bit more valuable, it could be argued that now is an excellent time to be redesigning the space which you call your home. Interest rates are still at all time lows and you may find there’s no better time for you to raise finance and get stuck in to those home improvements projects.
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My brother and I spent most of our young life’s knocking down walls with a lump hammer, sawing bits of wood, mixing cement, cutting tiles and so on, and whilst I never got used to the blisters, it’s little wonder that my brother ended up being a carpenter by trade with all the knowledge he had accumulated. I should add in case the younger generation may one day read my ramblings, blisters aside, I enjoyed every minute of being outside and working in the fresh air!
My father never embarked upon any
home improvement project with the houses we lived in unless it would see a more than modest return. It may surprise you to know that not all types of
home improvements do make any return at all, and hence you should always take advice from knowledgeable estate agents prior to embarking on new projects.
It wasn’t until we moved to Spain in the 1980’s that my father considered building a
swimming pool, and whilst in the UK this would have had a negative impact on the value of the property in terms of how much the
property value increased in relation to the overall outlay in creating the pool, in Spain this was a considered and
worthwhile investment.
One of the reasons for the negative effect this may have had on the value of a UK property, is that the running costs associated with a pool in the UK would be a considered luxury and therefore any purchasers in the market would need to consider this. In Spain it is the opposite, in that is the norm to have such a facility making it an assumed overhead to purchasers in that market place.
So, if you are considering
home improvements in the near future, before you make those important choices on what needs doing or what is desirable, take into account the outcome you feel is most important i.e. If you wish to carry out works in order to
add positive value to your property, then find yourself a reputable estate agent who can advise on how your proposed works may impact on the
value of your property, else be prepared for a post project disappointment.