Whether you’re looking to increase the value of your property prior to selling, or you’re simply investing in your home to make it a nicer place to live, you might be interested to know that your efforts can add significantly to the value of your property.
Financial website This is Money reports on a fascinating survey conducted by Zopa, which found that home improvements can add an average 10% to the value of your home, or a whopping £30,000. If you have the money to invest in bigger changes then the rewards are significant, but you’d be surprised how even minor improvements can make a difference to your asking price.
The conservatory is the king of home improvements
Interestingly, Zopa found that adding a conservatory is the most financially rewarding improvement you can make to your home. Conservatories can bring a 108% return on your investment – that’s more than double the return you’d get from investing in a new bathroom, which yields only 48% return. Conservatories are popular because they add additional light and airy space to your house, whilst usually being free from building regulations. Even better, they don’t need planning permission providing they don’t cover an area more than half the size of your house.
First impressions count
Investing in the external appearance of your home can also pay dividends, even if it’s just a simple thing like keeping the garden tidy and fixing broken roof tiles or cracks. First impressions count, and the exterior is what potential buyers will see as soon as they arrive for a viewing. The Zopa survey found that an average investment of £4,550 in the garden can give you an average profit of £4,000 – or 88% return. Investing in improving the appearance of your property – doors, windows and so on – gives you a 75% return on average.
If you’ve a bit more to invest in your home, an extension is a great way to gain more space as well as adding to the value of your property. You’re now able to add a single-storey extension up to 6m for an attached home and 8m for a detached home without having to apply for planning permission, providing you consult your neighbours and they don’t object (various other rules apply if you’re going for a two-storey extension). Homeowners in the Zopa survey spent an average of £19,750 on extending their homes, receiving a £14,000 profit – that’s a healthy 71% return.