Homeowners have benefited from double-digit house price growth in the last few months and many people are looking to boost the value of their home even further. Whether you’re planning extensive renovations or finishing touches, it’s important to understand which projects will add the most value.
Loft conversions can add valuable space to a property and, according to research1, boost a home’s value by as much as 20%. After factoring in costs, this can represent a significant boost of more than 7% to the property’s value.
A privy price
Another big installation that might be worth forking out for is a shiny new bathroom. By maintaining the existing layout, you can keep the costs down and reap maximum profits. For a simpler project, a downstairs toilet can add about 5% in value.
Keep it simple
The research suggests that one of the best ways to add value to your home is by giving it an extensive lick of paint.
This easy, low-cost solution could add almost £5,000 to the asking price, based on an average property value of £255,000. Another project that will boost value without blowing the budget is installing a new boiler or central heating. Doing so could offer an estimated profit of about £2,500. Likewise, investing in double glazing might provide returns of around £1,400.
There are some projects, however, that might not be worth the investment. Installing solar panels just before you sell might leave you out of pocket. The average fitting will set you back £2,727, nearly £1,500 higher than the expected boost to value (£1,273).
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.