We are often asked by Sellers whether they should consider improving or extending their home before selling, or what improvements will add most value to their home? From a recent survey it certainly seems that carrying out improvements can not only give your home new life but also increase its value.
So where do you begin, and what improvement will add the most value of your property should you choose to sell or rent down the line.
In their Renovations and Extension report, Hiscox provided insight into the average percentage of value gained from different renovations. Sellhousefast then took these percentages and put them against the average price of a UK home, which currently sits at £226,234 as of March 2019, to give a monetary value.
According to the report, When it comes to renovations and improvements the kitchen is a great place to start with 5.5% added in value which equates to £12,442.87. This is followed by a new roof adding 3.1% (£7,013.25), the bathroom with 2.6% (£5,882.10) and improving the garden with 1.4% (£3,167.28)
Extensions and conversions offer the highest added value with a new bedroom adding 11.2% which is £25,338.21. Other improvements to consider are:
A loft conversion and/or kitchen extension can add a further £23,754.57 (10.8%), a basement conversion adds £15,157.68 (6.7%), a conservatory £13,574.04 (6%) and a new bathroom £12,895.34 (5.7%)
So – if you are a seller, keen to get the best price for your property – or a purchaser wanting to add value to your new home – it seems that home Improvement is most definitely the way to go !