Home improvements can transform your quality of life, but they can also add value to your investment.
Before you splash out on an extension or conservatory you should work out the costs and see how much value they will actually add to your property and whether the time and effort would be worth it.
A survey by the National Association of Estate Agents last year revealed the top home improvements that could add the best value to your property. Half of estate agents who responded ranked adding a bedroom, usually by converting loft space as the best modification. A third of respondents suggested a kitchen added the best value, while others suggested a conservatory or turning a garage into living space.
Similar research by estate agent and property consultancy MoveWithUs, based on those who have sold properties, shows the most valuable additions are an extra bedroom, loft conversion, bathroom, new kitchen and central heating.
An extension which is carefully designed to be integral to the overal design of the house and adds good size extra rooms can be a major selling point.
Adding an extra bedroom can add around 9 to 10 per cent to the value of your home, according to Movewithus, and the NAEA particularly if it’s a loft conversion. See our advice article on builders loft conversions for more.
It is important to not eat into living space to do it, but if there is room to expand into your loft you could get a decent return – and some much needed extra space.
According to Movewithus an extra bathroom could add 6 per cent to your property value.
The website TradeAdvisor says that a new bathroom could cost from £2,500 to more than £6,000. Do the maths.
A kitchen is often the focal point of a home and can reflect the owner’s tastes and personality.
Research by consumer watchdog Which? shows a new kitchen costs on average £8,000, but could add around 6 per cent to the value of your property according to Movewithus.
According to Movewithus, your conservatory could boost your property value by 5 per cent, but expect to pay between £4,000 and £10,000.
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