Rising house prices and economic uncertainty have motivated many UK homeowners to improve their current homes rather than move. In fact, according to home insurer Hiscox, the number of homeowners opting to improve instead of move has increased by 12% over the past five years – that’s more than four million UK households that are staying put.
So, whether you’re thinking about moving or not, it’s always worth knowing which home improvements could boost the value of your home. Read on to find out which ones are likely to add the most value to your property.
The Hiscox ‘Renovation and Extensions report found that extending a property to create a new bedroom added the greatest value, boosting a typical home’s value by 11.2% or £25,312 (based on an average UK house price of around £226,000). *
A loft conversion and a new kitchen-diner extension both added 10.8% (or £24,408) each to a home’s value, whilst a new conservatory increased the value by 6% (£13,560).
Top tip: If you’re planning on adding a conservatory to your home, make sure you use energy efficient glass. This will help to maintain an even temperature in the room so you can use the space all year round. Your conservatory will need to be adequately heated to keep it warm in winter and well ventilated with plenty of opening windows to prevent it getting too hot in the summer months.
The Hiscox report also found that creating a new bathroom adds 5.7% (or £12,882) to a home and renovating an existing kitchen space typically adds 5.5% (or £12,430), to the price.
Top Tip: If you’re planning a new kitchen, you can bring extra wow factor to the space with a glazed roof lantern or large bi-folding or sliding doors. They look incredible and bring extra light into working areas.
A new roof and all-over basic redecoration added 3.1% (£7,000) each and installing new double glazing added 3% (£6,780), according to Hiscox.
Top tip: New windows can totally transform the look of a house. Clean and contemporary, aluminium windows will maximise the amount of light inside your home whilst instantly updating the exterior.
Although not at the top of the renovation list, the report also found that a new garden can add 1.4% (£3164) to the value of a home.
Top tip: Bi-fold doors make the perfect entrance into a garden because they fold back on themselves to create a seamless link between the inside and the outside. Aluminium is a popular material for bi-folds as it’s lightweight and thermally efficient.
If you’re feeling inspired to take on a new renovation project, then take a look at the REAL Aluminium range of windows, doors and glazed roofing products to give your home some va va voom.
Don’t miss next month’s blog where we’ll be talking all about the many home improvements you can do without planning permission.
- ONS House Price Index (March 2019)