Want to boost your property's potential? Here's where you should be focusing your efforts...
Making living spaces open-plan and converting your loft are the top renovations that will increase the value of your home, according to a survey by Anglian Home Improvements.
However, when asked what home improvements they think add the most value to a property, only 2% of respondents said that creating open-plan living space would give the biggest boost to value.
Want to know more? Here's the detail...
Which home improvements add the most value?
- Creating open-plan living space: adds an average of £46,504
- Loft conversion: adds an average of £24,255
- Extension: adds an average of £6,456
- New kitchen: adds an average of £3,509
- Conservatory: adds an average of £3,155
And what do Brits think are the best ways to add value?
- Extension: 27%
- New kitchen: 25%
- Loft conversion: 15%
- New windows: 8%
- New front door: 7%
Why are homeowners carrying out home improvements?
A separate study for the Post Office Money revealed the motivations behind home improvements. It found that while only 5% of people had carried out improvements because they planned to move in the near future, 28% admitted they had done so because they thought it would be a good investment and add value to their property.
Chrysanthy Pispinis, of Post Office Money, said: “Over the past few years, house price growth has slowed, so homeowners have turned to other options to add value to their homes - with renovations being a clear opportunity.”
But others simply wanted to update their home or carry out improvements that would enhance their quality of life.
What's the background?
The proportion of homeowners carrying out improvements has fallen by 10% since 2016, but the amount people are spending has increased from an average of £12,000 then to £14,015 now, according to the Post Office Money research.
Nearly three-quarters of homeowners used savings to fund the work on their property, while 18% used a loan or credit card and 7% increased their mortgage or took out an equity release product.
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