Representatives from the trade industry have hit back at HSBC after it released figures showing home renovation may not be a good investment.
Jonnie Irwin from ratedpeople.com, a website that rates tradesmen, said people may be put off by the findings but at the end of the day a good home improvement will add value to your lifestyle and eventually your house price.
“Home improvements shouldn’t just be considered in terms of resale value; the addition of an extension or conversion is, for many, a more viable financial and lifestyle choice than moving house,” he said.
“However, as the results from HSBC show, faced with a difficult housing market it can be hard for homeowners to know what would be best for them - to move or to improve.”
According to research from ratedpeople.com, one in every six homeowners is unhappy with the size of one or more rooms in their home and wants to add extra space.
“A well-executed project, such as a loft conversion or extension, will almost always add value to your home,” he said.
“A lot of people embark on home improvement projects because they are happy with the area their house is in, and would therefore rather improve it to suit their needs for the long term than move.
“My advice is to keep an eye on the ceiling price in the area to avoid over-developing, and make sure you stay within your skill set.”