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Sprucing Up Outside Spaces 'Can Improve Value Of Property'

Aug 29, 2007
Britons are looking to make better use of the outside spaces which surround their homes, it has been suggested.

In research from Alliance & Leicester Personal Loans, around one out of three (32 per cent) respondents claimed that they would be happy to spend more time in their gardens, balconies or terraces, if such areas were made more attractive. However, this figure surges among younger consumers with 53 per cent of those in their 20s and early 30s looking to be outside more often, with home improvement loans a possible way of funding such projects.

Richard Al-Dabbagh, senior personal loans manager for Alliance & Leicester, said: "More and more people would like to treat their outside space like an extra room, especially in the summer months when indoors can become stuffy and hot. Even the smallest balcony can be turned into something attractive and stylish - everything a family needs to spend the summer months in the great outdoors."

As a result, the financial services firm reported that not only can improvements on the outside of a home prove a "roomy alternative to spending summer in the lounge", they can also act as a shrewd way in which to add to the value of a property. This led the Alliance & Leicester manager to suggest that opting for a low-rate personal loan could be the best option to "pave the way" for a variety of renovation projects.

Russell Jervis, managing director of Haart estate agents, added: "Homeowners can do a wide variety of things that have the potential to increase the value of their property. Having extra outdoor space that can be used throughout the year is very attractive to potential buyers." Mr Jervis suggested that adding a conservatory can increase the cost of the average home by about 15 per cent (30,000 pounds) with decking or a patio pushing up the value of property by 10,000 pounds. Both figures, he claimed, are "not to be sniffed at".

Findings from the financial services firm also showed that 49 per cent of Britons would look to buy some new trees, plants, shrubs and flowers in a bid to improve outdoor spaces to give them a place to unwind during the summer months. Meanwhile, one in three claimed that they would make use of patio decking, with a similar number looking to improve their external lighting using large garden lamps. In addition, the study revealed that 15 per cent of consumers would opt to build a conservatory.

Earlier this year, research carried out by moneysupermarket showed that 40 per cent of consumers have borrowed money to fund home improvement work. Although Louise Cuming, head of mortgages for the price comparison website, reported that an increasing number of Britons are "getting into debt to develop", they anticipate a return on their investment as 45 per cent of respondents believe that it could increase the value of their home. However, she advised those looking to take out any sort of credit to scour the market so as to uncover the most competitive deal possible.
About the Author
Steve Smith writes for 1 Stop Finance Shop, where our visitors have access to all types of finance from payday loans and unsecured tenant loans, to self employed loans for homeowners.
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