What’s it worth?
In the course of a recent property inspection, the owner asked my opinion on whether or not a certain feature added value to their home. Very often, homeowners undertake work on their properties that could be described as “non-essential” without considering the cost versus value equation.
There have, quite surprisingly, been several studies done and repeated with regularity in Ireland, the UK, Canada and the USA. In each of the studies the results are, naturally, different due to various environmental and socio-economic factors. In addition, fashions and tastes change over time.
In Ireland, for example, one of the top items for improvement is the kitchen while in the USA, the bathroom beats the kitchen into second place.
In each of the studies there is agreement that attic or loft conversions do not add value. I could count on one hand the number of times a potential buyer asked me to pull down the featured “Stira”, to inspect the attic, over the past five years.
In larger urban areas parking spaces score very highly. Interestingly, an off street parking bay is much more valued than a garage!
Home games rooms and gyms are no longer hot property. Wet rooms are very popular as are separate dining rooms.
Sun lounges with patio doors are still very strong features but score much higher if they can double as an evening dining space. The continuing favourites are main bathroom (not overspeced and over-sized), second toilet downstairs, and, increasingly, energy efficient heating systems.
If you are thinking of doing renovations, selling or indeed, buying, I am happy to advise.