If you’re thinking of carrying out some DIY work on your property this year, you may want to keep one eye on what can improve the value of your home.
Mortgage Introducer recently shared the findings of a survey by Post Office Money, which revealed that making certain changes to a property can boost its value by around £40,000.
This is based on its survey of homeowners who made improvements to their properties last year. The average starting value for the homes was £210,000, which climbed to £250,000 once the renovations were completed.
The organisation also analysed the median asking price of a three-bedroom semi-detached home in the UK to determine which projects could add the most value to a property.
According to Post Office Money, fitting a new kitchen, landscaping the garden, building an extension and adding a walk-in wardrobe to the master bedroom were some of the most lucrative projects.
Homes with these features were on the market for an average of ten per cent more than other properties of a similar size that hadn’t undergone any renovations.
Chrysanthy Pispinis, director of Post Office Money, told the news provider that it’s understandable that homeowners are turning to renovations to help boost the value of their property.
“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,” she stated.
The Post Office Money research also revealed that the amount homeowners are spending on renovations climbed by 16 per cent in 2018 compared to a year earlier. On average, people are spending £14,015 on home improvement projects.
Collectively, homeowners in the UK have spent £295 billion on these kinds of projects in the past five years, the organisation added.
While the projects cited by the Post Office Money research may be among the most popular, they are far from the only way to improve and add money to the value of your home. Last month, Estate Agent News suggested that adding a conservatory could be a good option.
If you do decide to spend on new conservatories in Liverpool, however, you need to make sure that your conservatory is energy efficient and built to a high standard. This will mean it can be used all year round and is the perfect extension to your living space.
Even if you’re not intending to sell up soon, that doesn’t mean you can’t still keep one eye on the value of your home and how you might be able to boost it. The Post Office Money survey found that just five per cent of homeowners who undertook renovations did so with a view to selling quickly.
However, 28 per cent of those questioned said that they thought the changes would add value to their homes and were therefore a good investment for the future. The majority, 59 per cent, revealed that they simply carried out DIY to make their homes nicer places to live.
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