As the housing market has slowed in the current political and economic situation, more home owners are choosing to carry out improvements rather than move house.
Insurer Hiscox says that those choosing to work on their current home rather than move has increased by 12 percent over the last five years and stands at around four million.
Some home improvements add more value to a property than others. Selling agents Sellhousefast.uk have looked at the data to discover which alterations are the most valuable.
Using the average UK house price of £226,235 together with Hiscox’s figures for the value of renovations, they calculated the percentage that improvements will add.
Best improvements to add value
The biggest increases came with adding an extra room to a property. A new bedroom could increase the value by £25,338, an uplift of 11.2 percent. A loft conversion or kitchen extension adds £23,754, or 10.8 percent, while a basement conversion adds £15,157, or 6.7 percent.
A new conservatory came in at £13,574, or 6 percent, with a new bathroom at £12,895 or 5.7 percent.
Updating or improving existing rooms also appears to be profitable, with a new kitchen adding up to £12,442, or 5.5 percent and a new bathroom adding £5,882 or 2.6 percent. A replacement roof adds £7.013 or 3.1 percent.
Easier jobs such as redecorating the house also improve value, with an increase of £7,013 or 3.1 percent. Garden improvements could add up to £3,167 or 1.4 percent.
Managing director of Sellhousefast.uk Robby Du Toit, said: “Homeowners making the decision to stay put and add, improve and renovate their homes instead of moving, is becoming the new trend for those looking to adapt their property to meet their ever-changing needs and evolving lifestyles. It is logical that many view home renovations as a more economical solution and given the uncertainty of the market due to factors such as Brexit, it certainly seems more beneficial to add value to existing dwellings.”
Other improvements
Other value-adding work includes a new boiler and energy-saving measures. These have the advantage of saving money as well as adding value.
Home security features are also attractive to buyers as well as a charging point and off-street parking.
The cost of the work is a factor in determining whether to add improvements to a home, although high moving costs often mean that it is cheaper to stay put and add more space to your existing home.
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