When it comes to selling a house, homeowners will be looking for different ways to add value to their property in order to get the highest price possible. Christmas, however, can be a tough time to sell as it’s a relatively quieter market this time of year, ensuring the property stands out from the crowd can therefore cost more money that necessary.
So, which home improvements add the most value to a property?
The results found that adding a conservatory is the most cost-effective way of adding value to a property, as revealed by HaMuch.com.
They found that installing a conservatory costs £6,675 but increases the price by £14,062, or 6 percent.
This means that the overall property value can be increased by £7,387 after factoring in the money spent on the installation.
What are some home improvements that add value to a property?
Other value-for-money home improvements that a homeowner can make to boost the value of their home is to consider installing a new kitchen.
Typically it costs £8,000 to install a new kitchen and increases the value of the property by £12,890 or 5.5 percent.
However, according to HuMuch.com, the overall added value minus the cost of the home improvement results with a value of £4,890 added to the property.
Meanwhile conducting an all-over redecoration could potentially add a further £4,765 to the house price after costs.
On average it cost £2,500 to redecorate and it approximately adds £7,265 or 3.1 percent to the overall value.
According to the tradesperson comparison site, converting the loft in a home into a living area increases the property value by a whopping 10.8 percent, or £25,312, but the conversation is an expensive affair.
It’s estimated to cost around £21,000 to carry out the conversion, however, you may need to gain planning permission, as there are practical barriers, as a homeowner may have to alter the roof structure, add windows and or a staircase.
According to the research a homeowner can typically add another 1.9 percent of value to their home by putting in a new boiler and this could be a great selling point to potential buyers.
On average it cost £2,375 to fit a new boiler and boosts the value of the house to £4,454 with the cost of it the homeowner will make an extra £2,078 on their property.
Repairing a roof adds a 3.1 percent or £7,265 value to a home, as suggested by HaMuch.com. However, typically it costs around £5,750 to replace a roof therefore the total added value minus cost only ends up being £1,515 seemingly not much worth the effort.
While solar panels may be environmentally friendly, it’s very much a slow burn in terms of getting value from them.
According to HuMuch.com, it costs £4,000 to install and only increase a property’s value by £1,172, or 0.5 percent.
Therefore savings with solar panels are generally limited to lowering electricity bills.
Founder and CEO of HaMuch.com, Tarquin Purdie, commented: “Solar panels are the only improvement where you lose money in terms of adding immediate value, but if you aren’t looking to sell, you should be able to profit from lower electricity bills on a longer-term basis, and that’s not to mention the obvious environmental benefits.”