RICS survey: homeowners opt to improve rather than move
A new survey by the RICS has revealed that 48 per cent of chartered surveyor estate agents reported homeowners were deciding to improve their properties rather than move
Where the property market was ‘more depressed’, such as Northern Ireland, three quarters were opting to revamp their homes rather than buy elsewhere and 71 per cent in the West Midlands were opting to stay put and refurbish.
According to 44 percent of those surveyed by the RICS, additional bedrooms were the improvement which mot increased the value of homes. Adding a new bathroom or kitchen was the next most valuable improvement.
However David Dalby, professional groups Director at the RICS issued a cautionary note: ‘Most properties provide some potential for expansion and improvement, but we would advise people to think about how much they are investing and their key motivator before undertaking major projects.
‘It is important to think about the style and age of the property before undertaking any works - remember, what appeals to some people may not appeal to others.
‘Costly disappointments can be avoided by prior planning and research. RICS advise that whatever you decide to do with your home you should seek professional advice and ensure all works are carried out by qualified contractors.’
Meanwhile the deadline is looming for the AJ-backed 3R Awards.
The programme, which stands for ‘Refurb, Rethink, Retrofit’, covers all areas of the retrofit and refurbishment markets – estimated to be worth £500 billion over the next three decades.
‘Retrofit and creative adaptation will be critical if we are to develop sustainable, long-term built environments,’ AJ editorial director Paul Finch explained.
‘These awards are a recognition and celebration of great projects already completed, and will promote exemplars across the construction industry.’
Backed by the AJ and sister titles Construction News and New Civil Engineer, the award categories range from one-off homes to major infrastructure projects, and prizes will be given not just to engineers and architects but to also products designs and specialist companies.
The deadline for entries is 18 July.