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Does spending money on your house make a good investment?

Will be putting in a 3 bay oak framed garage with room above plus oak conservatory add a lot of value? will be spending 40,000+ current value of house around 700,000.

Asked on Feb 20 2014, Home Improvement in Cheltenham | Report content

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  • Are you spending money on *your home* or making and *investment*? How much you spend is not the same as the value added. If you are staying in the house then judge the value to you of comfort and convenience gained. (And don't forget that at sometime a buyer may consider your improvement a detriment.) If intending to sell a house I would not spend money on 'improvements' unless it was to correct faults that would impede a sale. So worthwhile to fix a leaking roof or peeling paint, but don;t assume that money spent will add to the price.

    Answered on Feb 21 2014, Report content
  • Hi mrcorker1, What I always say when it comes to questions like this is to consider what your home needs if it is an investment, and what you need if you are improving it for yourself. What this means is that if your home is going to be somewhere you continue to live for a number of years, you should judge your improvements on how it will improve your quality of life. For example, an expanding family might consider extra bedrooms and bathrooms to make life easier, or an older couple might like to add a conservatory for spending summer days in. If it's a matter of investing to improve the value of your home, then it should come down to what the property itself needs. An extra bedroom in a house that already has five might not have much of an effect, for example - same with bathrooms. However, extra storage space and a new living area in the shape of a conservatory can be a great idea if it's something that the property needs. Think about what a buyer would be looking for, and ask yourself if this is something you can add with improvements. It's a great market for what you need to do. Many thanks, Scott

    Answered on Feb 27 2014, Report content

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