Home buying platform, Yes Homebuyers, has revealed the home improvements and renovations that add the most value to your home when it comes to selling, as well as those that will actually lose you money.
Yes Homebuyers looked at the estimated value added to your property when undertaking 10 home improvement projects and the actual value added once you take the cost of these renovations into account.
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.
An all-over redecoration (£4,514), a new boiler or central heating system (£2,146), a new roof (£1,627) or a new bathroom (£1,312) are also some of the best tasks to undertake when it comes to the value added once the cost of the work is accounted for.
Double glazing doesn’t add much immediate value at just £547, however, it will bring a long-term benefit where energy efficiency is concerned.
Home Improvement Projects To Avoid
When it comes to the improvement projects to avoid, these include landscape gardening, a loft conversion and solar panels.
The cost of landscaping your garden comes in at an average of £3,650, while only adding £3,331 in value;
A loft conversion is the most expensive project of all, costing an average of £29,000.
While a loft conversion 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.
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.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented:
“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. 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 colour schemes or styles that could deter buyers and this applies to everything from a lick of paint to new kitchen units.”