Most people do up their homes not because they want to sell them but because they want somewhere comfortable and stylish to live. Having a beautiful home is now a major status symbol; it is as important as driving the right car or taking holidays in the smartest resorts.
Buying a home is the biggest investment that most people make and even through you may intend to stay put for many years, it is still important to be aware of which improvements are likely to make you money; which will recover the investment; and which may not be worth doing at all financially, but which you may decide to do anyway because they will bring you pleasure.
Of course there are other people who make a living out of buying a home, doing it up and then moving on to the next project. For these property developers, the arithmetic of doing up houses is particularly important.
A recent survey by the Abbey National, one of Britain’s biggest mortgage lenders, revealed a nation addicted to home improvement. According to the Abbey National, the three improvements most likely to make money are adding an extension, a loft conversion or a garage. Improvements which are likely to pay for themselves include fitting a new kitchen, installing central heating and putting in double glazing or replacement windows. those where you won’t recoup your investment include building a swimming pool, landscaping your garden, turning your bedroom into a bathroom and stripping wooden floors.
Surveys like this are useful guides to what can make you money, but they are by no means infallible. It is also important to do your won research because local factors can have a big impact on the equation.