Frankly, I found this UK study shocking and don’t know whether to believe its truth. According to recent research by Abbey Bank, real estate agents in not-so-merry-ol-England are now advising clients NOT to do the ever popular kitchen and bath home improvements during the down market. The reason given is most of the money spent on home improvements will not be recouped on a sale.
Phil Cliff, director of Abbey Mortgages, said: “Few home improvements will add more value than they cost at the moment, so it’s important people aren’t doing them in order to add value alone.” Source.
Perhaps Abbey ought change their ad copy:
So what’s a seller to do? They say go with cosmetic improvements like painting.
h/t to my Telegraph ticker.
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