Carrying out the right kinds of home improvements at your property could add up to £40,000 to its value, new research has suggested.
Homes & Property shared the findings of a study by Post Office Money, which revealed that homeowners who had carried out renovations to their properties estimated that the value of their houses had climb from an average of £210,000 to £250,000.
The organisation revealed that the renovations most likely to add value are installing a new kitchen, fitting a walk-in wardrobe and landscaping the garden.
It also analysed property listings and noted that homes on the market that had carried out one or more of these tasks were for sale for an average of ten per cent more than other comparable properties that hadn’t been renovated.
However, the Post Office Money research revealed that the majority of people weren’t making changes to their homes with a view to selling. In fact, 59 per cent of those who were questioned said that they carried out home improvements to simply make their abode look nicer.
Just five per cent of those surveyed said they’d made alterations to their properties with the specific intention of moving home and selling for a higher price.
Nick Morrey, of mortgage advisors John Charcol, told the newspaper that it’s important to understand what the ceiling price of your home might be, before you commit to any large-scale renovations.
He noted that a loft extension in a three-bed terraced house that doesn’t have a garage or off-street parking is unlikely to add the same level of value as it would to a semi-detached or detached property that has off-street parking.
Mr Morrey also noted that “the type of buyers who want/need a four-bed property probably need space for cars, meaning your road of terraced houses is probably not going to feature on their radar”.
He also pointed out that most people spend their waking hours in the kitchen and living room, which means making modifications to these areas is likely to boost a property’s appeal more than adding extra bedrooms.
Increasing the amount of ground floor space, and improving the quality of this space, is therefore likely to be a better investment in the long-term, Mr Morrey added.
One option is to install conservatories in Worsley. When these are properly incorporated into your home they can really open up a space, introduce more light and make it much more attractive.
A conservatory will also provide extra floor space and will be the ideal transition to your garden, helping you to make the most of any landscaping you carry out too.
Thrive Global recently shared some advice on home improvements that can boost your mood. Among them is to carry out work in your garden, which will also improve a home’s kerb appeal. The news provider recommended planning your project before you begin though.
As well as thinking about what kinds of plants and outdoor space you want to create, you should also consider its maintenance throughout the year to make sure it looks good in winter as well as summer and that it’s manageable for you to keep on top of.