Although much of the country is pulling down the shutters during these challenging times, the UK property market is still very much open for business. HaMuch.com has looked at what additions and improvements add value and what definitely doesn’t.
HaMuch.com has looked at the average value-added across a number of renovations, what this equated to in a monetary sense, the cost of carrying out the work, and how much ‘profit’ was left in terms of the value it adds once costs are deducted.
Forget loft conversions, solar panels and the garden
The figures show the most significant waste of time for home sellers looking to add value is the loft conversion.
It adds the most value to a property’s value at 10.8%, a considerable increase of £24,971, but it costs a whopping £33,222 to complete on average. As a result, getting a loft conversion may add value to your home, but it will leave you out of pocket by -£8,251.
The same goes for the eco-friendly upgrade of solar panels. While they add £1,156 in value, they cost an average of £4,000 to install, leaving you -£2,844 out of pocket.
The garden is the only other area of the home that is not worth tackling to add value to your home. Overhauling the average garden costs £5,000 and returns just £3,237, a loss of -£1,763.
So what does add value?
The kitchen is the heart of a home, and focussing your attention, there is money well spent.
With 5.5%, or £12,717, added in value as a result of a full kitchen refurb and with the refit costing just £8,000, you can add £4,717 to your home.
Redecorating bedrooms and living spaces was the next best job. A full refresh of your home to bring it into the modern age, refresh tired decor or even give it a neutral canvas for the next owner can add £4,268 in value once you take the costs of £2,900 from the added value of £7,168.
The boiler and central heating are vital to the well-being of a house, and replacing yours with a brand new system will set you back £2,375, but it will add £4,393 in value.
Renovating or fixing the roof (£1,668) and bathroom (£1,387) were also amongst the areas of the home where home improvements were money well spent.
Founder and CEO of HaMuch.com, Tarquin Purdie, commented, “Many of us will be currently preparing for the big spring clean, but for those with the thought of selling on their mind, there may be some much larger tasks at hand.
“Renovating or improving your home before a sale is a great way to help boost up your asking price, but only if it’s done properly.
“The trick is to know which areas are going to add value and always ensure you get a professional to carry out the work. A bodged job will be more than noticeable and will decrease the value of your home rather than boost it.
“When considering which areas to improve, always weigh up the value it is likely to add and what this percentage equates to on the price of your personal property. Then compare this with the quote you receive for the work, and if you’re in the green, then it’s always worth going ahead.
“Just remember, not everyone will see the same value as you, so don’t go overboard and always present a neat, neutral canvas to entice buyers.”
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