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Property renovations are becoming increasingly popular because they enable homebuyers to tailor the home to exactly what they want and need. Certain features and rooms can add more value to the property and Yes Homebuyers has released their latest data which shows what room renovation you might benefit from.
According to Yes Homebuyers research, a loft conversion can add the most value to your property.
This is because a loft is usually large enough to add an extra bedroom and bathroom to the home, making it more sought after.
A loft conversion can add a whopping £25,454 onto the average UK house price of £235,673.
However depending on who you choose to build the conversion, a loft extension could cost between £20,000 and £60,000 but this does depend on structural requirements and the floor area and access.
The next best feature that could add thousands to your home is a conservatory.
A conservatory adds extra space to the home and offers a safe connection to the garden as well as providing extra light to the rest of the downstairs.
This type of extension could add £14,140 onto the average property price in the UK.
However these types of renovations require planning permission and the costs can add up.
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Therefore a new kitchen could benefit those who do not want to extend their home but rather renovate it.
A newly renovated kitchen is one of the most sought after features people want when it comes to buying a home.
A kitchen improvement could add a whopping £12,962 onto a home and they can be done quite cheaply too.
A full basic re-decoration of rooms in the home including bedrooms and the living room could add a huge £7,306 onto the property price and this only requires a lick of paint on the walls and maybe new carpets if needed.
Matthew Cooper, Founder & Managing Director of YesHomebuyers commented: “When looking to add value to your home, it pays to do your research first as not every project will add as much value as you think and you need to balance this expectation with the cost incurred to carry out the work.
“Our research shows that adding more space, such as a loft conversion or conservatory, will add the most value to prospective buyers.
“Buyers also see value in the core foundations of a good home such as great windows, a sturdy roof, even a fresh lick of paint. These are the essentials that will save them time and money in the long-run and are unlikely to clash with their tastes.
“A bathroom or kitchen refit can help in terms of modernisation. However, it might not add the value you think if you go over the top with your own personal style as this can put some buyers off.
“Modern improvements such as solar panels do appeal to a certain segment of the market, but they can be an expensive addition and may also fail to add the value you expect in the eyes of potential buyers.”
Although a garden is considered as a luxury, having one, even if it is a small space could add thousands onto the asking price of your home.
Homebuyers will pay upward of five percent more for a home that features a newly renovated or maintained garden.
This equates to around £12,000 and another £3,000 for those with a landscaped outside space.
The average house price in Scotland is £154,648 but this could increase by around £10,000 with a landscaped garden taking the property price up to £180,559.
In the East of England wanting a garden could cost an extra £15,000 whilst in the North East it could cost homebuyers an extra £6,000 for the luxury of an outside space.
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