With growing fears over house prices since the global pandemic begun, which home improvements will bring you the greatest profits? We ask the experts.
'All too often home sellers will look to improve their property ahead of a sale with the goal of recouping this cost and more with a higher sold price,' advises Matthew Cooper, Founder & Managing Director of Yes Homebuyers.
'However, this doesn’t always work out as planned and it’s important to understand what will add value in the eyes of potential buyers and the cost of these improvements versus the return you’ll gain.
'Improving the core foundations and features of a property is always a safe bet. A solid roof, a new boiler and a modern kitchen or bathroom will save a buyer money in the long-run. Decorating is also a cost-effective way to make your home feel fresh and modern and add value during the sale process.
'Of course, it’s important to remember to stay neutral and avoid any loud color schemes or styles that could deter buyers, and this applies to everything from a coat of paint to new kitchen units.'
The home improvements that can add value
Creating your dream home doesn’t come cheap, and when it comes to costly renovations and house design, it's imperative to ensure you’re spending your money wisely.
The research shows that adding a conservatory is the most cost-effective way to add value to your home. The average cost of a conservatory is £8,308 but adding one will bring an estimated 6% uplift to the value of your property. On the current average house price of £237,963, that’s a boost of £14,278. Adding £5,969 to your property’s price once the cost of the project is accounted for.
A kitchen renovation is the next best option for money well spent. At £8,000 it’s an expensive job but one that can boost your property value by 5.5%, which equates to £13,088 on the average property. Once the cost of the work is covered, a new kitchen will still add £5,088 in additional value to your home.
3. Complete redesign
An all-over redecoration (£4,514), is definitely worth doing if you are planning on selling your home.
Take a look at the most loved home décor trends before you get started on your project.
4. Boiler / central heating
A new boiler or central heating system (£2,146), is an important factor to considering, especially if you live in the Northern Hemisphere.
A new roof (£1,627) is essential for insulation and structural reasons.
A new bathroom (£1,312) is also one of the best tasks to undertake when it comes to the value added once the cost of the work is accounted for. It is often said that potential buyers' look at the kitchen and bathroom first before pursuing a property.
7. Double glazing
Double glazing doesn’t add much immediate value at just £547, however, it will bring a long-term benefit where energy efficiency is concerned.
The home improvements that can lose you money
When it comes to the improvement projects to avoid, these include landscape gardening, a loft conversion and solar panels.
1. Landscaped garden
The cost of landscaping your garden comes in at an average of £3,650, while only adding £3,331 in value; a loss of £319.
2. Loft conversion
This entry is a rather surprising one for us at H&G, and it worth researching before planning your next move.
A loft conversion is the most expensive project of all, costing an average of £29,000. While it also adds the most value at an estimated 10.8%, this equates to £25,700 on the current average house price resulting in a loss of £3,300.
3. Fitting solar panels
Solar panels add the least value for potential homebuyers at just 0.5%. This equates to just £1,190 added in value but the job will set you back £4,750 on average, resulting in an overall loss of £3,560.
Thanks to Yes Homebuyers for these figures.