Home improvements can be a fantastic way to increase the value of your property, however, costly renovations can sometimes actually lead to disappointing financial losses. New data published by Henry Pryor, a property expert for GoCompare, has revealed the best and worst home improvements for increasing the value of your property. Click or scroll on for nine renovations you should be tackling and nine it will pay you to leave well alone...
It’s amazing to think that creating a private driveway or off-street parking space could provide you with a profit of just over £1,400. Pryor found that 56% of people searching for a new home were turned off by a lack of parking, while 53% suggested that a driveway or parking space was vital. With the average drive conversion costing £4,570, your home’s value could increase by £6,000 – just make sure you have planning permissions in place before work starts.
Despite what we've had drummed into us over many years, adding an extra bedroom does not necessarily increase the value of your home by as much as you might think. With an average cost of £4,150, this move would only add about £6,000 to your home's value, so unless you really need it to accommodate your brood, you might want to weigh up if you think it's worth the effort.
Knocking down internal walls is one of the smartest things you can do to your home. Savvy house shoppers are seeking properties with spacious and light-filled interiors and opening rooms up can do just this, increasing the value of your home by almost £4,000! With open-plan renovation projects costing around £1,500, you’d walk away with almost £2,500 profit – just make sure you consult a structural engineer before you begin in case it's a load-bearing wall.
Energy efficiency has proved to be one of the top priorities for property hunters, with an astonishing 46% confirming that cavity wall insulation is essential to them. Making sensible energy-saving improvements around your home could cost as little as £600 but could increase the value of your home by £4,000 – not to mention the amount of cash you could save on lower energy bills.
Unsurprisingly, double glazing is a must for most buyers, with 80% of those surveyed saying they look for it when purchasing a property. It adds almost £8,000 to a home's value, and with a relatively modest outlay of an average £4,500, there's good profit to be made.
Protect your home with the latest digital security system. Costing on average £500 to install, having a decent safety net in place could increase your home’s value by £4,000, giving you a fantastic profit of just under £3,500. If that doesn't help you sleep well at night, we don't know what will!
This one is a little more obvious with 82% of homebuyers citing central heating as a "must". With the average installation costing £3,460, the value of your property could soar by £9,800, netting you a hefty profit of over £6,000. Plus, radiators these days can act as fantastic statement pieces, like the trendy geometric one pictured here.
Surprisingly, one of the simplest home improvements you can make is also the best for adding value. According to Pryor’s findings, more than a third of home seekers desire a new boiler. These days, boilers are sleek and highly energy efficient, like this Greenstar i Combi boiler from Worcester Bosch. With the average cost of a new boiler set at around £1,750, this simple installation will add almost £10,000 to the value of your home, leaving you with £8,000 to play with.
Believe it or not, installing an electric car charging point could increase your home's value by an enormous 13%. With so many people looking to decrease their carbon footprint and live more sustainably, electric car stations make a clever, future-proof investment. With the average cost of a charging point coming in at £800, your home’s value could increase by a staggering £31,878. Now that's a return to really get excited about.
One in five buyers apparently consider a conservatory essential, so although with an average build cost of £9,250, you probably won't see a profit, it should add an average of just under £8,000 to your home's value. So while it won't make you money, the loss is negligible when you consider all those afternoons spent reading or taking tea in your own sunroom.
While having a brand new bathroom might sound appealing, renovating this space could leave you out of pocket by £1,348. The average cost of installing a new suite is £3,800, yet having a nice new bathroom only increases a home’s value by £2,452. While an outdated bathroom stops 22% of people from buying, a home with more than one toilet is sought-after by 53% of property hunters.
While having off-street or driveway parking can provide you with almost £8,000 worth of profit, building a garage can actually see you at a loss of £5,006. The typical cost of a garage comes in at £13,000, proving that simply utilising your driveway could be much more financially beneficial.
According to Pryor's research, almost one in five property pursuers would avoid putting an offer in on a home with an overgrown garden, while 31% would be turned off if the garden featured broken or rotten fencing. However, this isn't an easy win. With the average cost of a garden transformation coming in at £7,500, you're now more likely to lose money than make a profit.
Though a dream for many, transforming a room into a cool home cinema could actually lose you money – though not as much as it would once have done. Previous figures put the loss at £25,000, while today, with the average installation cost of a cinema coming in at a more manageable £8,450, (compared to previous extortionate prices), some may decide the loss is worth it for all those cosy film nights in.
Small rooms are a barrier to up to 40% of homebuyers, but before you commit to that extension, remember that building costs have gone up, so instead of making a profit, you may end up with a financial loss. The average home extension now costs £37,500 though they only actually add about £30,000 to your home's value.
Though switching to renewable energy can save you money on your annual electricity bills, purchasing solar panels for your home could see you out of pocket by just shy of £10,000. With the typical fitting coming in at nearly £6,000, solar panels could actually decrease the value of your home by £4,000.
Though a lovely thing to have, an at-home wine cellar will have absolutely no effect on your property’s value, yet they cost, on average, £24,000 to install. So though you may enjoy the awe that your 'nipping down to the wine cellar' comment may elicit from your guests, it's rather an expensive way to show off.
Definitely one for the luxurious among us, installing a swimming pool at home could leave you with a shortfall of almost £113,000, making it the biggest way to lose money through renovations right now. With the average cost of installation coming in at £115,000, swimming pools only add £2,000 to the value of a home, so unless you are planning to have pool parties every weekend, is it really worth it?
So, if you’re looking to add value to your home, avoid over-indulgent purchases like wine cellars and swimming pools and stick to the basics. Turn to your garden, boiler and driveway for cheap and easy solutions to improving your property’s value and kerb appeal.
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