An increasing number of homeowners are choosing to update, renovate, and improve their homes, rather than move. Research from Barclays Mortgages indicates that, on average, home improvements can add up to £9,829 to the value of your home. Not only that, updating your current home can also be considerably cheaper, easier, and far less stressful than upping sticks in the first place.
Which? Trusted Traders has endorsed builders in your area who can help with home improvements.
The most valuable home improvements
While we choose to make home improvements primarily to improve quality of life and enjoyment of the home environment, it is worth bearing in mind that most improvements will also increase the value of your home.
When it comes to adding value, the top three improvements are:
- Extending to create an additional bedroom
- Extending to create an additional reception room
- Adding a garage onto the property
While these provide the maximum return on investment, they do require significant financial outlay in the first place. If you’re looking to improve the value of your home on a smaller budget, adding an open plan kitchen-diner is a worthwhile improvement.
Kitchen diners add around 4% to the total value of your property on average, while they cost an average of £1,030 to install, making them a great way of transforming your living environment and adding value to your home.
For those on a micro budget, making small, cosmetic changes to your kitchen can also improve the look and feel of the room, allowing you to inject style and individuality without investing a great deal of time or money.
The least valuable home improvements…
Your home is your castle - until you come to sell it, when you have to market it as somebody else's. Be wary of excessively individual home improvements, particularly those that cannot easily be reversed. There's a reason why estate agents recommend covering 'individual' decoration with a blanket of magnolia, it's to help other people see the property as a blank space that they can make their own. Your décor and design choices can have a huge impact on the desirability and, ultimately, the value of your home.
So if you’re thinking about adding an avocado bathroom suite, woodchip walls, or stone cladding, you might want to think again as they were voted the biggest turn-offs by Barclay’s survey. When it comes to the exterior of your property, you should also avoid bright colours such as lime green, purple, orange, red and yellow.
If you’ve got your heart set on some home improvements, remember - you can add value to your without without making a huge dent in your nest egg and make sure you get the most from your money both now and when you decide to sell your property. If you'd like some help with design, Which? Trusted Traders has endorsed interior design specialists who can help you realise your dreams. Or if you know what you want, our accredited builders, kitchen installers or bathroom fitters are available in your area.