The home improvement trend in the UK is growing. More of us than ever are choosing to stay put and improve rather than move house. According to a recent survey*, the number of homeowners opting to do this has increased by 12 per cent over the past five years.
But are the home improvements we’re taking on adding to the value of our homes? We’d like to bet you are curious to find out, especially if you wish to sell it at some point. While the added value varies wildly across the country, each of these home improvements adds, rather than detracts from, your home’s value. Here, we’re giving you a countrywide average so that you can compare and contrast and make a quick judgement on which home renovation to tackle first.
The best news is that value-adding home improvements don’t necessarily mean you have to spend a fortune. Even the very simplest renovation, such as repainting your home, will add value; in the case of said painting, the average added value is an incredible £7,000. Definitely worth the effort.
Next up: the kitchen. A brand new one will add around £12,500 on average to the value of your home, which is almost as much as adding an extra bathroom at £12,900. If, on the other hand, you simply update an existing bathroom, you can look at a modest increase in the value of £6,000. Even just giving your garden a bit of a spruce-up will give you an extra £3,000 when it comes to selling your home.
Maximising available space
If you’re looking for some serious value-adding, you do need to think bigger, such as considering adding an extra bedroom. With multiple bedrooms by far the most desirable feature in a home (especially among families), adding a bedroom will boost the value of a property by over £25,000 on average.
This space-adding trend continues with loft conversions and extensions, which will add just shy of £24,000 each on average. Basements are less desirable, but a basic cellar conversion will still boost the price of your home by £15,000 on average.
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* Survey by Hiscox