It's possible to add almost £50,000 to the value of your home in just seven days, according to new research from the Federation of Master Builders (FMB) and the HomeOwners Alliance, with the The Guild of Property Professionals.
The HomeOwners Alliance asked over 300 FMB member tradesman from across the country and estate agent members of the Guild of Property Professionals and found that there were a number of ways that homeowners could dramatically increase their home value quickly, depending on location.
Removing an internal wall to create an open plan kitchen and diner can add the most, at an estimated £48,417 in seven days to an averagely priced home in London, while building a garden room or outside playroom for the kids can add £35,611 in 14 days to an averagely priced home in Surrey and investing in kitchen improvements such as new flooring, a new worktop and new cabinet doors can add £26,838 in eight days to an averagely priced home in Dorset.
Other, less dramatic price increases come from onverting part of the master bedroom into an en suite bathroom, which can add £14,525 in 11 days to an averagely priced home in London; building a new driveway adding £13,354 in nine days to an averagely priced home in Surrey; or installing decking and lighting in the back garden, which can add £8,946 in seven days to an averagely priced home in Dorset.
Brian Berry, Chief Executive of the FMB, said:
“By investing less than £3,500 on the creation of an open plan kitchen and diner, home owners in London can add a whopping £50,000 to the value of their home in just one week. If you’re looking to move up the property ladder, it’s obviously in your best interests to increase the value of your home as much as possible. By investing in low cost, high return projects, not only will you make your home a more pleasant place to live, you’ll also by increasing its value significantly. Better still, these projects take no time at all so the hassle factor will be kept to an absolute minimum.”
Chloe Snowsill, Homecare Estates, Surrey said:
“I would say by adding an extra bedroom/room/loft conversion onto a property would add value to a property as long as you are not losing a room in the process. Adding a new kitchen onto a property typically could add around 4.6% in value to the property, this is subject to the kitchen being at a good standard and making sure for example if the property is worth around £250,000, that they should spend anymore then £25,000 on a kitchen or you won’t see your money return on it.
“Here in Wallington in Surrey, we would say having a driveway for parking, garden, and being close to transport links is very popular for us and that’s what a lot of people look out for when finding a property.”
Vicky McGrath, Joplings, North Yorkshire, said:
“Up-to-date and nicely finished bathrooms and kitchens definitely make a property more popular, tidy outside space obviously more positively markets the property but not necessarily decking or a garden room. An internal space like a playroom would be more popular. An en suite is still very popular, more so than a downstairs loo, unless there is not an en suite then a separate toilet is very handy. Open plan living does depend on the age and situation of the purchaser. It appeals to younger couples or families or people who prefer modern living to a character property.”