Why it pays off to improve

Phil Spencer was the co-presenter of Channel 4's Location, Location, Location followed by Relocation, Relocation. Now those heady days of making a killing on your home have passed, the mantra is "don't move, improve" and Phil welcomes the change in approach.

"It's good that we're returning to the idea that homes are sanctuaries and a refuge from the world of work, and not primarily assets that you just do up to make a fast buck. And after all, why only make improvements before you sell? Do them now and get the benefit for yourself." His golden rule for property buying is to "buy for the long term, adapt if necessary, or buy something to improve and add value."

Phil, 40, a qualified surveyor and property finder, followed his own advice when he bought the family home in Wandsworth, London, five years ago, where he lives with wife, Fiona and sons, Jake, five, and Ben, three. He's almost doubled the size of the five-bedroom semi, by adding a basement and a kitchen extension, and is creating a playroom for the children. "I have no intention of moving again...that's our home for good. The market isn't going to race away as it once did. It will rise but probably only around three to four per cent a year, so adding value will be key."

Phil has put together a new comprehensive guide which evaluates a range of improvements as well as pointing out practical ways to make a home more pleasurable to live in.

"It's cheaper to build a space than it is to buy it. Square footage costs money. A well-thought-out extension can feel like you've created a completely new house. But think through your plans carefully so that you know the result will give you a practical, usable area."

A skilful extension can add about 10-15 per cent to the value of the home, while a loft, which can cost between 10,000 to 40,000, could potentially add between 15 and 20 per cent. He advises taking into account that storage space will be lost, and installing a staircase to access the loft will encroach on the floor below.

If there's no money for large projects, make better use of your space.

Re-organise rooms, knock down internal walls to create a better flow between rooms, and make practical improvements, perhaps by installing a downstairs toilet in an under-stairs space.

"Branded kitchens go in and out of fashion, so be careful what you choose," he warns. "You don't want buyers dating your kitchen by the colour or style of the doors, so opt for classic designs and easy-on-the-eye colours." And, as the fashion is for a kitchen to be the multi-functional heart of the home, he believes it doesn't make sense to stint on appliances, worktops and tiles. He says the majority of people spend about 7,000 on a kitchen, and agents estimate it can add around five per cent to the value of a property.

"A good kitchen does sell a house faster. Estate agents tell me that women buyers put the kitchen at the top of the property wish list. But getting the layout right is crucial, so concentrate on putting appliances in the right place and having properly planned storage space.

"A bathroom is a job most people don't want to do themselves, so it's always a relief to see that it's done when you're viewing a house. Unless you're a Seventies aficionado, ripping out that avocado suite and wildly colourful tiles might be advisable." A skilfully revamped bathroom can add up to 10 per cent to the value of your home, according to estate agents. Phil estimates the cost of replacing an average bathroom as 1,000-4,000. He suggests taking inspiration from hotel bathrooms and adapting some of their stylish ideas such as a bath with taps in the middle instead of one end, or double basins.

Use large tiles in a cramped bathroom to give an illusion of more space, and under-floor heating to free up the walls. Even spending a small amount, from 500 upwards, can add at least three per cent to the value of a home, according to mortgage lender, GE money. A heated chrome towel rail, starting from around about 50, is a smart accessory. "Ongoing upkeep and maintenance is crucial, as if you want to sell at a later date, few buyers will be interested in a property that looks as though it will be costly to repair and patch up," advises Phil.

Adding Value To Your Home, by Phil Spencer, Vermilion, 12.99. To order a copy from the Yorkshire Post Bookshop, call free on 0800 0153232 or go online at www.yorkshire postbookshop.co.uk.

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YP MAG 24/7/10