We know the choice is often between improving your home, and moving home. However, we also know many people decide to do both. Improving your home before you sell it, can make it more appealing to prospective buyers, helping you achieve a better price.
This is something we have helped many clients with, and it is also something we stay up to date with. There have been many studies into home improvements, and the impact these changes have on value, and house prices.
What changes would you like to make?
A study by Shawbrook Bank, a company who specialises in home improvement loans, provides the leading home improvement changes which could add more than 15% value to a home.
Adding an annex – £15,000 or 5% of the average house price
A recent study saw homebuyers list adding an annexe to property added the most value, coming it around £14,385. This is around 5% of the average UK house price, but of course, the more space you create, the more impact you can have.
Converting loft space - £13,000 or 5% of the average house price
It is believed that converting loft space amounts to £12,951, which again, is around 5% of the average price of property in the UK. However, a study by the Nationwide Building Society found that it is possible to add over 20% of value to a home by converting this space to a double bedroom with bathroom.
Create a bigger kitchen - £11,500 or 4% of the average house price
If you create a more spacious kitchen, you could boost the value of your home by £11,514 but simply renovating your kitchen could lead to an additional £10,649 in value.
The same study also listed some home improvement changes that aren’t great for adding value to your home, including:
Converting property into an open plan living area
Renovating a garage space
Sally Conway, Head of Consumer Communications concluded: “Whatever your budget, making small or large improvements to your home can have a significant impact on the value of your property. Whether you’re looking to add appeal for potential buyers, or you want to give your home an upgrade to enjoy yourself, investing in your home could be one of the best decisions you make. We’ve seen a rise in demand for home improvement loans in the last month, with Brits clearly tiring of spending so much time at home and many eager to take on a new challenge. From kitchen revamps to full-on extensions, now could be the perfect time to give your home a facelift, ready to welcome friends and family back as soon as restrictions lift.”
If you have any housing market questions or queries, please feel free to contact us. If you plan on selling your home, we recommend arranging a property valuation to ensure you make an informed decision. At Frank Schippers, we are here to support you in this trying time, and you can call us on 01344 777 888.