Property improvements good investment, expert says

News Category: Management

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People can make affordable investments on property improvements in the current economic climate, an expert has said.

In news which could be interest to landlords considering property management software, property expert Phil Spencer said there are small and relatively cheap options for homeowners looking to make additions to their property.

Insulating a hot water tank will cost about £5, while loft or cavity wall insulation would cost between £100 and £2000, but the property owner would see a return on these investments quite quickly, said the former presenter of Channel 4 programme Location, Location, Location.

The Royal Institution of Chartered Surveyors’ Building Cost Information Service reported in June that the average cost of home improvements had increased by 20 per cent in the last two years.

But although some home improvements involve big money decisions, Mr Spencer said: "There are small and relatively cheap options that will make an immediate return."

Earlier this month, Lloyds TSB research in conjunction with Tickbox.net and Opinion Matters found that 73 per cent of people in Greater London thought that an energy-efficient boiler was the environmental improvement which adds the most value to a property.

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