Low level of property sales may mean higher level of home improvements
November 14, 2007
Industry experts have reported a slow down in the level of consumers interest in property purchasing over recent week, as well as a reduction in the number of properties coming onto the market, which has been partly blamed on the introduction of Home Information Packs (HIPs) which are now required for properties that have three or more bedrooms.
Falling house prices has also increased reluctance to sell on the part of homeowners, all of which is making for a more subdued housing market over the last quarter of the year.
Some experts have also stated that this situation could result in an increase in the number of people that decide to carry out home improvements on their properties due to lack of interest in purchasing or reluctance to sell. Larger scale home improvements such as extensions and conversions could result from homeowners not being able to or not wishing to sell their homes. Many may decide to simply increase the space within their existing home rather than trying to sell up and move on.
However, experts are also warning that homeowners that are planning to carry out home improvements need to be careful, as they could otherwise end up decreasing the value of their homes further through poor quality work. Anyone that wants to improve their home should ensure that professional work is carried out by reputable contractors, as this will help to increase the property value. On the other hand the value of the property could plummet if works carried out are shoddy and unprofessional.
One industry professional warned that homeowners could shave thousands of pounds of the value of their homes through low quality DIY and home improvements. He added: ‘DIY is a British obsession, but when it comes to selling a property a new floor or wallpaper is the last thing on a buyer’s mind. Plus you can do so much damage to the value of your home with poor DIY.’
Tom Smith
14th November 2007
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