It is proven that homeowners love their home improvements, over half of all UK homeowners choose to upgrade their current property instead of choosing to move to a new home. Many homeowners also decide to upgrade their property compared to keeping it in current condition in order to achieve a higher price once listed on the market For Sale.
A study carried out at the start of 2020 asked estate agents which home improvement adds the most value to your home. The top 3 were; adding a bedroom extension, adding a reception room extension and converting a garage.
However, if you have a smaller budget you can still add value to your home without the need for an extension. The idea of changing your homes layout to include an open-plan kitchen diner is more and more popular in today’s market and would provide the best return on your investment, with costing approximately £1200 on average to make the changes (subject to property size/type) and this would add approximately 4-5% onto the property value.
Despite adding a new kitchen to your home being one of the most popular home improvements with a recent study advising 34% of people are choosing to upgrade their kitchen, it will not always bring the best return to your investment, with only a 4% return on average expected from this change. Smaller cosmetic changes such as painting units and replacing cupboard handles that make your kitchen look smarter would be more beneficial and cost less too!
Adding a new bathroom was the UK’s favourite home improvement to be carried out before selling their property. If a new suite isn’t needed, re-grouting, removing all limescale and replacing taps would be the best option. Bathrooms look best with neutral wall colours, fresh shower curtains or a simple screen.
Smart Energy Efficiency:
Home technologies are increasingly more important to buyers. Smart technology such as Hive Heating controls can help improve your EPC (Energy Performance Certificate) up a band, and could add value onto the sales price. Research into properties sold last year in 2019 advised only 2% of homes had technology installed.
Larger Scale Projects:
Larger projects such as a loft conversion, converting a garage or adding a conservatory are all costly projects, however, research suggests that adding an additional bedroom in the loft has the biggest impact on property value, more than a new kitchen or bathroom.
Whichever changes you do decide to make we would always suggest talking to your local estate agent before making these changes to see their advice on which features will make a difference when selling homes in your area.