Renovation 'key to adding value'

Home improvements can add value to a home, according to an expert Undertaking home improvement work could add value the price of a property, an expert has claimed.Adding extra rooms or renovating current ones could be "key" to adding value to the price of a home, it has been suggested.

Graham Norwood, author of Profiting From Property In A Recession, said investors should consider purchasing an old house at auction and then make home improvements to boost its attractiveness to potential buyers.

Writing in the Daily Telegraph, he added that such plans mean that people do not need to consider the current set-up of a house.

"Don't judge the home by its current configuration as during renovation you may be able to get an extra bedroom," he wrote.

"The housing market recovery will be slow, so consider redeveloping and renting out for two to five years, and then selling it when the market is forecast to be stronger, to achieve the highest profit."

Research by Key Retirement Solutions found that home improvements are the most popular reason for people to release equity from their properties. ADNFCR-2394-ID-19260046-ADNFCR

Article Added: 10/07/2009 14:57:26

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