Boost your property’s value with these home improvements
Adding a conservatory is the most cost-effective way to add value to your home, according to Yes Homebuyers.
The homebuying platform said that, although the average cost of a conservatory is £8,308, adding one will bring an estimated 6% uplift to the value of your property.
Based on the current average house price of £237,963, that’s a boost of £14,278, adding £5,969 to your home’s value, once the cost of the project is accounted for.
Yes Homebuyers looked at the estimated value added to your property of 10 popular home improvement projects and the actual value added once you take the cost of these renovations into account.
The second best project to boost your property’s value is a kitchen renovation. At £8,000 it’s an expensive job but one that can boost your property’s value by 5.5%, or £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) will also add value 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.
Costly home improvements
When it comes to the improvement projects that cost more than they add to your home’s value, landscape gardening, a loft conversion and solar panels are the top three.
The cost of landscaping your garden comes in at an average of £3,650, while only adding £3,331 in value; a loss of £319.
A loft conversion is the most expensive project of all, costing an average of £29,000. While it 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, managing director of Yes Homebuyers, said: “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.”