It’s safe to say that at some point or another, most homeowners have debated whether to move house or stay put and modernise.
Whilst the housing market crash in 2008 may seem like a distant memory, it still leaves many doubting the strength of the property market, and so the debate on moving or improving rumbles on.
But there’s more to the debate, as many are now reluctant to undertake major improvements due to uncertainty about returns / profit when selling their property. According to construction industry analysts, as quoted in The Herald, in 2015 Scotland was the only part of the country where home improvement applications dropped. They say that there was only one application for every 100 privately owned homes in Scotland in 2015 – the lowest average in the UK.
This was compared to almost four in every 100 privately owned homes in London, the home improvement ‘hotspot’. ‘Improvements’ covers all types of work on properties including; extensions, general renovations, converting spaces and additions such as conservatories.
The report noted that areas such as Glasgow and West Dumbartonshire were particularly weak, whilst more affluent areas such as Argyll and Bute fared better, indicating that wealth is very much an important factor when it comes to home improvements.
Whilst some may fear they won’t see the value of their property rise through renovating, Clyde Property believes that a smart investment is always likely to pay off. The most important aspect of such a decision is detailed calculations on the potential cost of home improvement compared to the added value to your home, but also to the potential cost of moving. We can always help with advice on your home value, insights on the local market how your home value will be benefit by an extension or conversion.
Whether you are thinking of selling or improving, you can rest assured that with the right property agent, you can achieve above market value, as well as a quick and efficient sale. Talk to us today about your plans for a better home.
