Making Improvements

It is your home to put your own stamp on it. You only need to contact us if you are thinking of making a structural change such as building a garage or extension.

When you come to sell your property or want to buy further shares it is important that you tell us the improvements that you have made to your home. Unlike your local estate agent who will carry out a market valuation, we carry out an equity valuation. This means that we will exclude the value (equity) you have added to your home (through carrying out improvements) and value it to the same standard that you bought it, but at the current market value.

Home Improvements Example
Market Valuation£125,000
Value attributed to installing a new kitchen£3,000
Co-Own Equity Valuation£122,000

Please be aware that the cost of making improvements to your property is not the same as adding value. For example a new kitchen may cost you £7,000 but may only add £3,000 to the value of your home.

In order to help explain the difference between what is deemed a ‘Repair or Maintenance’ and what is deemed an ‘Improvement’, we have listed some examples below. This list is not exhaustive and if you require any further clarification please contact a member of the team on 028 9032 7276.

Repairs & MaintenanceImprovements
Plumbing and electrical maintenance and upgradingInstallation of wood burning or multi fuel stove
Solid fuel, oil and gas central heating system maintenance and replacement (including replacement of boiler, radiators and or change of heating system)Conversion from Economy 7 heating system to oil or gas central heating. Any other change is considered a maintenance/repair
Roof repairs e.g. replacing damaged/missing slates and/or tiles, re-pointing mortar at eavesConstruction of a garage
Re-point brickwork or repair defective renderLoft conversion into habitable accommodation
Replacing damaged doors, door frames, locks and door hingesHome extension increasing habitable accommodation e.g. additional bedroom or living area
Replacing defective/damaged glass in windows, window catches, locks and hinges, rotted framesAddition of a sunroom/conservatory/ porch
Overhauling rainwater goods, guttering, drains and gulliesRecently fitted kitchen/bathroom if it increases value
Overhaul/replacement of fascia and soffitsSolar panels/renewable energy if owned outright
Change/replacement of floor coverings which no longer impact on the valueInstallation of fitted furniture e.g. wardrobes if it increases value
General maintenance/upkeep/landscaping of the external areas