Home improvements: do they really affect residential property values and saleability?

Bonney, Tom (2014) Home improvements: do they really affect residential property values and saleability? BSc dissertation, University of Portsmouth.

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    Abstract

    A key motive behind this research paper was to understand the true affect home improvements have on residential property and to determine if added value and increased saleability can be achieved. This paper has not highlight exact amounts that various improvements add to value, largely due to the amount of varying factors involved in determining property values, yet it has aimed at achieving an objective view on those improvements that do have both a positive and negative impact on residential property.
    A literature review revealed that the amount homeowners are investing into home improvements on a yearly basis is great, yet often rarely recouped within the value of the property. Sources would appear to show that many have reconsidered opinions on what improvements actually affect residential property with many showing some have better affects than others. This therefore allowed primary data to provide ‘real life’ context in order for a far and reasoned outcome to be achieved. This was implemented in the form of an analytical case study on three properties with the thoughts, views and opinions of those actively involved within the residential property market obtained through individual interviews with property professionals and homeowners.
    Data collected revealed that if home improvements are carried out in the correct manner, saleability and values can be effectively increased with not only the costs of improvements recouped, but positive additional value added. However, a word of caution is inherently needed in order to gain the full benefits of carrying out home improvements with primary data showing many improvements are more effective that others. Even so, these financial gains are often rarely thought of by homeowners with personal benefit showing priority. Present homeowners with the direct thought that their decisions and action can have noticeable and direct effects and where finances can be saved and gained, and the reasons behind and the type of home improvements undertaken often change.

    Item Type: Dissertation
    Departments/Research Groups: Faculty of Technology > School of Civil Engineering and Surveying
    Depositing User: Beth Atkins
    Date Deposited: 16 Jan 2015 15:01
    Last Modified: 28 Jan 2015 12:47
    URI: http://eprints.port.ac.uk/id/eprint/16439

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