Research by the estate agent comparison site, GetAgent.co.uk, has revealed which household renovations will add most value to your home once you’ve accounted for the cost of the work.
The housing market remains buoyant as the latest Nationwide house price index revealed yet another month of double-digit house price growth in July.
But if you’re looking to boost the asking price of your home even further, it’s important to know which projects will add value in the eyes of a potential buyer. However, it’s also important to think about the cost of a project and if it will actually add value once the dust has settled.
GetAgent analysed 11 common renovation projects, the value they add and the cost of the job to reveal which will actually boost the price you achieve for your home.
What to avoid
In terms of the most value added, landscaping your garden may add an average of £3,565 to your home but with the average cost of the job coming in at £5,000, it could also leave you £1,435 out of pocket.
Solar panels are the only other renovation that could cost you money on a sale, with the average fitting cost totalling £2,727 but adding just £1,273 in value.
What’s worth it?
The best way to add value to your home is with a loft conversion. Effectively adding an additional level to your home, this additional space could boost your property’s value by 20%. That’s an increase of nearly £51,000 and while the work will set you back just over £33,000 on average, you’re still left with more than £17,000 in added value.
A downstairs toilet is thought to add 5% in value, that’s £12,731, while costing just £3,000 on average – a profit of £9,731.
Similarly, a new kitchen could add £14,000 to the value of your home, requiring an average budget of £8,000 and adding £6,000 once the cost of the work has been accounted for.
A simple but extensive lick of paint is the third best way to add value to your home. On average it will set you back just £2,900 but could add as much as £7,893, a £4,993 boost to the value of your home.
Other projects that will add value once the cost of the work is accounted for include a new boiler or central heating (£2,463), a new roof (£2,393), a conservatory (£2,206), a revamped bathroom (£1,195) and double glazing (£1,389).
Founder and CEO of GetAgent.co.uk, Colby Short, commented: “The best plan of attack is to focus on what appeals to a buyer and this is always going to be more space, particularly in the post-pandemic property market. Of course, it’s important to have a clear plan and budget when carrying out renovations. The value added will differ from one property to the next and so there’s no guarantee you will see a return on your investment.”