The mortgage market is becoming a nightmare, lending is at an all time low, people are not buying or selling their homes as often, especially since a deposit for a mortgage has risen so much!
So, as a result, people are improving rather than moving, but which are the most financially benefitting improvements to have done to your home?
Last year’s Easter weekend saw masses of people doing up their gardens, painting fences and gates and adding decking or patios. Fitting a new bathroom was also a popular home improvement last year, but although the key aim is to make your home fit your lifestyle, most of us hope it will also improve the value of our property, which isn’t always the case. This all comes down to tastes, fashion and opinion.
HSBC recently carried out a study to find out which home improvements yield the best results and here is their results;
Loft conversion £20,876
Room extension £16,069
New kitchen £5,617
New windows £5,265
New bathroom £3,351
Redecorate house £3,229
Resurface drive £2,876
Re-carpet house £2,153
Now, obviously adding rooms to your home are going to add value, but did you realise the average home could add that much value through these improvements? I certainly didn’t! A new conservatory gives a new dimension to your home, giving you a beautiful view of your garden, increases the light into your home and makes more space for a growing family.
However, there are improvements that probably will not benefit the value of your home at all. Four out of ten valuers said re-carpeting your home would make no difference to the overall selling price of your home, despite potentially laying out up to £5,000. A third of estate agents claim that redecorating your house will not give your home a boost in price, meaning that the bigger price-tagged items are more beneficial to the value of your home.
Saying that, if your home is decorated like it is 1970 it is probably worth decorating as it can make your home appeal more to potential buyers. I wouldn’t want to buy a home that felt like I had travelled back in time to see!