Results from a survey carried out by 100 estate agents across the UK reveal the 10 most common value adding home improvements. Home Improvements can be a very successful future investment. The figures below are based on typical value and are dependent on the capital invested in your home.
Here are the 10 methods that add value to your home:
- Loft Conversion – £22,000
- New Extension – £19,000
- New Kitchen – £10,000
- New Conservatory – £9,000
- New Windows – £6,000
- Central Heating – £5,000
- New Bathroom – £5,000
- Re-decoration – £4,000
- Resurfaced Driveway – £3,000
- Garden Decking – £3,000
Not only can home improvements add a substantial increase to the value of your property, they also act as a practical enhancement to your property. This is especially true if you have a growing family or are not wishing to actually move away from where you currently live, as it potentially close to family and friends.
In the table above, the fitting / installation costs have been removed to show the real or true equity increase. For example, a new Loft Conversion could cost £18,000 and could increase your property value by £40,000, so a true equity value increase, after costs, of £22,000. Similarly, a new Extension could cost £30,000 and could increase your property value by £49,000, so a true equity value increase, after costs, of £19,000.
Here are some other calculations:
- A new Kitchen could cost £8,000 and could increase your property value by £18,000, so a true equity value increase, after costs, of £10,000.
- A new Conservatory could cost £8,000 and could increase your property value by £17,000, so a true equity value increase, after costs, of £9,000.
- New Windows could cost £8,000 and could increase your property value by £16,000, so a true equity value increase, after costs, of £8,000.
- New Central Heating could cost £7,000 and could increase your property value by £12,000, so a true equity value increase, after costs, of £5,000.
- A new Bathroom could cost £4,000 and could increase your property value by £9,000, so a true equity value increase, after costs, of £5,000.
If you’re looking to add value to your property, hopefully these figures can be of use to you. For more Home and Design tips, check back on the Flooring Guide blog!