Home Improvements That Impact Your Property Value
With spending much of the last year at home during the lockdown, many Brits have turned their hand to improve their homes, whether it’s just a lick of paint, sprucing up the garden, or creating extra space with an extension.
If you’ve been considering selling your home in the near or not-so-near future, there are ways that home renovations can add as much as 16 per cent to your property value.
According to home improvement loan provider, Shawbrook Bank, online searches for ‘home renovations’ has hit a record high in the past year, and the bank’s experts say that a kitchen extension with a large kitchen diner can add a massive £11,514 to your asking price.
However, for homeowners who do not want to commit to building an extension, a renovated kitchen can still add £10,649, and a loft conversion can increase the value of your property by £13,000.
A loft conversion can also be an alternative to moving if your immediate needs are for more space for the family, and the work can be a lot more straightforward than a whole new wing over an extension to your home.
More research from Nationwide Building Society found that adding a double bedroom and a bathroom in the loft could add more than 20 per cent value to a home.
However, the home improvement which could add the most value to your home is building an annexe. Having more space is becoming increasingly popular for home buyers, whether it be for a separate office or a home gym.
According to Shawbrook Bank’s experts, adding an annexe to a property could increase the property value by £15,000. An annexe is the most valued home improvement, equating to 5 per cent of the average UK house price.
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