Property prices can be fickle, but renovations could add a sizeable sum of money to the cost of your home.New research has found that renovating pa
Property prices can be fickle, but renovations could add a sizeable sum of money to the cost of your home.
New research has found that renovating part of your house could add £40,000 to the value of a UK property.
But there are some renovations that offer bigger returns than others.
These include new kitchens, walk-in wardrobes and an updated garden.
While the average cost of a renovation is around £14,000, the average increase in house value in £40,000.
This equates to a return of £26,000 – a sum that is not to be sniffed at.
The findings from Post Office Money found that homes which had been recently renovated were listed for 10 per cent more than the average asking price.
Chrysanthy Pispinis of Post Office Money said: “Making the right changes to your home can increase its market value significantly; if improving your home’s asking price is your priority, it’s important to keep in mind the cost of the improvement and the value it could add.”
There are various other ways you can increase the value of your property.
One such method is removing clutter from your home.
Buyers can often be put off by personal items in a house they are looking at.
This includes the likes of many personal pictures, collectors items like plates and figurines or unusual decor.
Mark Bentley, from NAEA Propertymark – the professional body for estate agents – said: “The house-moving process is undoubtedly stressful, so it’s important to know what could add value to your home and what might detract or even completely put off potential buyers.”
Mark strongly recommended limiting the amount of personalisation in your home.
While you might be a fan of funky wall paper and retro fittings, modern buyers are likely to prefer a more minimalistic finish.
Lucy Alexander of Homes Under the Hammer recommended adding space to your property to increase the value of your house.
She told Express.co.uk: “The first thing I always say to add value to a property is to add space.”
The expert recommended a number of things you can do throughout your house.
“You can convert the garage, you can convert unused spaces, you can go up into the loft to create extra living spaces,” she said.