Which home improvements are really worth the investment?
WE ARE often asked what the increase in value for a property would be by carrying out improvements and modifications.
This ranges from basic decoration, a new kitchen perhaps or even an extension.
It can differ hugely from one property to another so choosing the right enhancement takes a bit of research.
Starting at the lower end of the scale, painting, decorating and re-carpeting is difficult to put a figure on the return on investment you can make.
It will no doubt make a great first impression and help with the saleability of the property and having an increase in interest may just entice that offer to be made or even produce multiple offers where there might have only been one.
Zopa, an online personal finance company, conducted a survey to measure the typical return each different home improvement brings to the value of the property.
The biggest return on investment was the addition of a conservatory which on average costs £5,300.
Next on the list was improving the garden and the exterior.
First impressions of a house are crucial and a front garden is the first thing a viewer will see and these might be jobs that any green fingered gardener or DIY-er can do.
The ever-popular question of “Is it worth replacing the kitchen or renewing the bathroom?” is answered in the survey lower down in the list with both potentially bringing in a return on investment, but this is dependent on the house itself and may not always be guaranteed.
These results are taken as an average across the board but must also be looked at realistically for each property.
Adding a large conservatory that reduces a garden size dramatically may not be quite as rewarding to some as it is to others and replacing a functional kitchen with a top of the range might not produce such rewarding results.
For those really wanting to invest in their bricks and mortar may want to go the extra mile with an extension.
A potential return on investment can be sought if you have the opportunity and can seize it.
This is at the top end of costs with the average extension being just under £20,000 so getting it right is absolutely crucial.
There are also a few more hurdles to overcome such as planning permission (should the extension be large enough), building regulations and also the upfront cost itself.
But let’s keep things simple.
There are many ways to add value to your property and we are more than happy to discuss them with you.
One of the most important things people forget is that this is your home and it is there for you to enjoy, too!
Don’t lose sight of making it how you would like it to be.
Adding new windows or even updating the boiler will add to your comfort and running costs whilst helping increase that asking price when you do come to sell.
We are here to discuss the options available to you and if you wanted an expert opinion on a project you have in mind, please do not hesitate to get in touch.
(Source: Bennett Jones, 2018)