Splashing out on home improvements not only makes your house a more enjoyable place to live, but it if done right it is also likely to give its value a boost.
The average home improvement would add a healthy 10 per cent to the value of a home, research from peer-to-peer platform Zopa claims, while those who build conservatories come out top on their return on investment of potentially 108 per cent.
Zopa asked users who had taken out home improvement loans through the platform what changes they made and how much profit they reckoned they got on what they spent on the work.
Homeowners added an average of £30,000 to their home’s value through home improvements.
There is a whole range of minor and major improvements you can make to your property from just cleaning up to structural renovations.
But you don’t want to spend too much if you are not going to get a decent return on your investment when it comes to sell.
Zopa CEO and co-founder Giles Andrews says, ‘With the latest housing market reports showing the market to be slowing down, home owners could add significant value by looking at ways to improve their current homes, rather than move. With record low rates on borrowing, home improvements can be a cost-effective way to add value to your property for the long-term.’
A conservatory provides an extra room in your house, but means giving up some garden space.
Unlike an extension, you won’t need planning permission as long no more than half the area of the land of the original house is covered
Average cost: £5,300
Average profit: £5,750
Return on investment: 108 per cent
Its easy to forget about your garden and let it get overgrown or messy, especially when it is cold outside.
But a front garden is the first thing a potential buyer will see when they come to view your house so a tatty lawn or dead plants may have an impact on the all important first impression.
A well looked after garden will give your home a welcoming and modern feel.
Average cost: £4,550
Average profit: £4,000
Return on investment 88 per cent
As well as the garden, the exterior of your property is one of the first things a buyer will see.
Dirty windows, chipped doorframes or broken roof tiles can all leave a bad impression and affect the price you get.
Spending a bit of time painting and fixing any cracks outside as well as cleaning up could make a big difference.
Average cost: £6,000
Average profit: £4,500
Return on investment: 75 per cent
An extension can add more space to your property by either expanding a room or adding more.
You could also do this across two floors.
The government has recently relaxed planning rules.Traditionally you have been allowed to add single-floor extensions of up to 3 metres in depth in the case of an attached property, and 4m in the case of a detached home without planning permission.
These distances (until May of 2016) have been doubled to 6m and 8m respectively. However, this only applies if the neighbours have been consulted and they do not object.
If you are building a two-storey extension the old 3m and 4m limits apply and the extension must not be closer than 7m to the rear boundary.
The roof of the extension must not measure more than 4m in height; protrude above the existing roof line or beyond the front elevation. Also, the extension, along with the outbuildings, must not cover more than half the area of the garden.
Average cost: £19,750
Average profit: £14,000
Return on investment: 71 per cent:
If a buyer thinks they are going to have to fix the roof of a house then it is likely they will try to push you down on price.
You can help avoid this by keeping your roof maintained to ensure there are no leaks and it is insulated and in good condition.
Average cost: £4,150
Average profit: £2,600
Return on investment: 63 per cent
Your carpet is likely to get worn out over the years especially in hallways and stairs.
This can make your property look aged and create lingering odours if stains are not removed. Getting your carpets freshly cleaned will give your home a fresh and modern look.
Average cost: £4,000
Average profit: £2,000
Return on investment: 50 per cent
Recent research from Nationwide Building Society suggests that a loft conversion can increase the value of your property by up to 20 per cent.
It provides an extra space for more rooms in your property without having to move
Many won’t need planning permission as they will fall within the category Permitted Development Rights
Planning officials are usually keen to maintain the rhythm of residential roof lines in a street, so most extensions need to have minimal external impact.
Average cost: £24,6000
Average profit: £12.000
Return on investment: 50 per cent
The kitchen may be the first thing a buyer looks to replace in an effort to stamp their own personality on a property.
So if you can provide a ready-made, attractive space, buyers may be willing to pay more to save themselves the hassle of arranging a new kitchen.
Average cost: £9,600
Average profit: £4,750
Return on investment: 49 per cent
The bathroom is another area where buyers may want their own style, but a clean, smart and well maintained room may be money well spent.
Average cost: £4,900
Average profit: £2,350
Return on investment: 48 per cent
Source – This is money
Working on your own project? For a grand self-build, or brand new refurbishment, Affirmative Finance helps property developers, financial intermediaries, and individuals with big dreams to secure funding fast.
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