For most purchasers, finding the ideal house that ticks every box is no easy task, especially if that house has to be in a specific location. Usually, some degree of compromise is involved.

But, with a little vision, a house that might at first have seemed lacking in the accommodation it offered, could be turned into something much more suited to modern living.

The advantage of many improvements is that they are just that and can add real value to a property when the time comes to resell and move on.

How can you tell which ones are those which will more than recover the outlay, those that at best will recoup expenditure and those that might actually detract from the value?

The first thing to do is to look at the house as a whole, because whatever changes you envisage must be in keeping with the overall balance of the property. For example, it could be a mistake to extend on the ground floor to the excessive detriment of the garden.

Perhaps surprisingly, according to a recent Nationwide survey, one of the most worthwhile alterations to make to a house is that of a loft conversion. If it’s well done, it can add real value to a property.

However, Duncan Pate of Castles warns that there are one or two considerations to be taken into account if you’re thinking of this as a possibility.

“It’s important to make sure it’s feasible in practical terms,” he said. “There may be enough roof space, but you need the access to it. If you have to take away one of the bedrooms to accommodate the new staircase, then it could be a mistake.

“In addition, looking to the future, you must get a high quality conversion carried out which meets the requirements of building and fire regulations. If not, when you do come to sell, the new bedroom in the loft cannot be legally described as such in estate agents’ particulars, with a subsequent loss of value.”

Bedroom numbers are, of course, of paramount importance and adding a new one, say, above a garage can be very cost effective.

However, in contrast, splitting one large bedroom into two smaller ones could be of little benefit and could even decrease the value of the house. And research has indicated that converting a bedroom into an office, complete with fitted specialised furniture and wiring for relevant equipment, is of more value to the executive end of the market than to the three-bedroom and under sector.

This means that any conversion of bedroom to office in a smaller property should be done in such a way that it can easily be reversed should the house be put on the market.

Similarly, adding a bathroom or en suite has to be balanced against the subsequent loss of space elsewhere. Where it can make good financial sense is in a five-bedroom house with only one bathroom, when sacrificing a bedroom to allow for the alterations gives more practical accommodation.

Where it is less likely to be advisable is when it entails turning a three bedroom house into a two bedroom one — unless the house is in an area with a high proportion of two bedroom properties.

And like bathrooms, kitchens are areas where purchasers often look to make changes, in particular to increase the space available.

This can involve knocking through to an adjacent utility room or dining room, building an extension or adding a conservatory. A house with a good-size kitchen will always be desirable, so you could not only add value but also increase your chances of a quick sale when the time comes to move on.

But of course, any alterations require time and money and any potential purchaser must ask themselves if the house is worth the effort not just on a monetary level but also on a personal one.

Brendan Cox of Waterfords said: “Purchasers often don’t appreciate the cost and disruption involved in making alterations but, ultimately, whether or not something is worth doing is very much a personal decision and depends on individual priorities.

“For many purchasers, the location of the house will dictate their decision. If they’re limited as to location, then their choice of suitable properties will also be limited, so altering a house can make sense.

“They might also consider alterations if the house has the character they want or other features important to them, such as a large garden, but lacks the layout.”

Although some television programmes might give the impression that knocking down walls and adding extensions can be carried out without a second thought, there are, of course, the financial implications.

Without proper forward planning, alterations can easily turn out to be more costly than anticipated. So unless you’re a DIY expert, it’s essential to get quotes for any potential work if you plan on carrying it out soon after moving in.

For example, it could turn out that the construction of the house makes a job more difficult, or perhaps that wall you want to knock down is a supporting one, or the foundations of a ground floor extension are not deep enough to support an upper floor above.
All these types of situations would make any work more expensive.

Despite the fact most purchasers make alterations for their own benefit, it would be unusual not to give some thought to the effect any improvements would have on resale value.

For many improvements you are likely to at least recoup your money, but if creating value is part of the scheme, then it’s even more important to set a budget and stick to it. It’s very easy to become tempted by expensive fixtures and fittings and, according to the Halifax, a quarter of all home improvements go over budget.

It’s the little things that add up, like fancy taps and granite worktops, and it’s unlikely they will affect the overall value of the improvement. So if you’re hoping to get your money back at a later date, make sure you spend within the limitations of the house.

Future purchasers will not be keen to pay a premium for a top-of-the-range kitchen if they can get a similar house down the road for less. But for the majority of people, in the end it is down to personal choice as to whether alterations are worth doing or not.

Duncan Pate said: “People should do what’s right for them and their needs and not just think about the resale value. In the past, house prices were rising quickly so it was easy to attribute profit to the improvements made, when this might not have been the whole story.

“For any purchaser who is unsure, I would advise having a checklist to calculate the potential costs and then see what you could buy elsewhere for the price of the house plus the outlay for the improvements before making a decision.

“And if you’re buying a house cheap because it needs improvements, don’t forget that the price the agent will have set will take the cost of any necessary work into account, so any money you spend will merely be bringing it up to the correct market value. ”

Brendan Cox agreed: “In this market, you tend to find that people are making changes to suit themselves rather than with a view to making money. It’s probably not a good idea to buy a property with the intention of  altering it unless you plan to stay there a long time.

“Ultimately, the aim of making alterations should be to give you a home to be enjoyed rather than being seen as a money-making project.”