BBC: Home improvements add little value

pendulum

I have just checked the BBC News website and saw the article about estate agents claiming redecorating adds little to no value to a house. http://news.bbc.co.uk/1/hi/uk/8654477.stm

That isn't what I wanted to hear as I've literally just embarked on quite a big redecoration of dads house. I bought the laminate flooring, some new blinds, lights, sockets and so on only yesterday and have done some painting (neutral colours). It will be a nicer place to live afterwards, but I got him to agree to pay for all the materials on the basis that it would "obviously" add more value to the house (detached 4 bed).

I just thought that a redecoration must add value. At the moment we've got shredded wallpaper all over the house thanks to our last pet, horrible old carpets in places look like they're from the 80s, questionable colours schemes in some rooms (purple walls, green carpet anyone??!)... surely if we redecorate and go for a more modern, cleaner look then the property will be worth more? Or have I told him to do the wrong thing?

Advice/reassurance needed lol.
I know hell probably check the BBC news website himself and ring me up later. :rotfl:

tomstickland

A house that's ready to move into will appeal more to most people than one that needs work. It might not be worth any more but it will be easier to sell.

amcluesent

>saw the article about estate agents claiming redecorating adds little to no value to a house<

Hmm, so all the EAs oohing and aahing on the telly makeovers have been lying about the increase in value! :mad::mad::mad::mad:

I'm never going to look at Room for Improvement, The Home Show, Restoration Man, Property Snakes and Ladders, City Gardener, Making Space, Selling Houses, ..., again!

ormus

location location location.
thats all that matters. any house in any given road is worth so much. the house next door will be worth much the same. no matter what state its in.
as been said though, the difference is that the nicer one is easier/quicker to sell.

your 50k extension will not make your house 50/75/100k more valueable.

pendulum

Thanks, good point about it being easier to sell, I'll make that point to him if I need to

Mankysteve

The home improvement doesnt add value probably applying to properties that are in a reasonable condition to begin with . if the carpet are worn,wall paper falling off ect then doing work must add value surely.

27col

Surely estate agents never lie!
But yes, I would agree that a nicely presented house is probably easier to sell. Although some of the morons you see on property programmes seem unable to see past the present owner's grotty decorations. They seem incapable of seeing the house for what it could be, rather than what it is.

Gloomendoom

I would take that report with a pinch of salt. As others have said, redecorating makes a house much easier to sell.

I sold a house for the full asking price, to the first person that viewed it, two days after putting it on the market. It hadn't even got into into the estate agents window. There were several other similarly priced, identical houses in the street that had been on the market for weeks/months.

I had just redecorated it internally, and added new windows and fascias to the front. It cost me 2.5k but was well worth it for the complete lack of hassle.

dander

I agree with mankysteve - it must be more to do with redecorating a basically tidy house to be more fashionable, knocking walls down to create "open plan living" etc etc - those kind of personal taste issues that won't add value. I'm sure taking a house with knackered decoration and putting it straight will add value.

Although, I think it would depend on the situation - plenty of people are looking to buy "projects" so if you've got something you just want to sell, it might be easier to sell it a bit cheaper rather than spend time and money doing it up just to get a few grand more.