Revealed: The home improvements that really add value
Loft conversions can add an average £11,020 to the value of your home, according to Halifax.
The lender found that people who have recently carried out home improvements report an average increase of £4,806 to the value of their home, with converting the attic generating the greatest return on investment.
The next most lucrative home improvement is a ‘living roof’, where vegetation or plants are added to the roof of a property. This unusual feature adds an average £8,676 to your property’s value.
Below are the top 10 home improvements to add value, according to Halifax:
- Loft conversion £11,020
- Living roof £8,676
- Bi-folding doors £5,256
- Garage conversion £4,847
- Renovated/restored period features £4,731
- Extension £4,129
- Under-floor heating £3,961
- Add or remove garage £2,610
- Sound insulation £2,512
- Stair/chair lift £2,224
More popular than profitable
Some home improvements are popular with homeowners because they enhance their living environment, regardless of the value they might add to their property.
Below are the 10 most popular home improvements over the last three years, according to Halifax:
- New bathroom 38%
- New kitchen 34%
- New central heating boiler 34%
- Replacing windows 29%
- Landscaping 27%
- Roof repair/new roof 21%
- New heating 15%
- New heating insulation 12%
- Adding or replacing driveway 11%
- Adding/renovating outbuildings 9%
Out of the 10 most popular home improvements, landscaping is the biggest money spinner, reaping a profit of 43% on an average investment of £4,030.
Russell Galley, managing director at Halifax, said: “While upgrading our homes is simply a labour of love for many of us, others invest in renovation to increase value and maximise selling potential.
“Loft conversions and green features can generate attractive potential returns, yet traditional factors including location, local property price, access to schools and transport will continue to have a big influence on house prices. That’s why it’s important to do your research if you’re looking to sell as, you can get a better sense of the most attractive improvements by understanding your local markets.”