New research by property portal, MoveStreets, highlights the home improvements to make before you sell that could give you the edge (and more money in the bank) and the one's to avoid
When it comes to maximising the value of your home in current market conditions, not every renovation project will add as much value as you think, particularly when you consider the cost of carrying it out.
MoveStreets looked at 12 common property projects, how much value they add to your home based on current market values and what’s left once you account for the cost of the work involved.
The research shows that the best way to add value to your home is with a garden office. On average it will cost you almost £9,000 to complete, but it will add 8.4% to the value of your home. That’s £22,739 in the current market, meaning an overall value boost of £13,752 once the cost of the work is accounted for.
A garage conversion is also a smart addition to your home, costing £14,500 but adding £27,071, leaving £12,571 in added value.
Updating your kitchen could add just shy of £15,000 to the value of your home and will cost around £8,500 to do, leaving a profit of over £6,300.
Other projects that add value once the cost is accounted for include adding a conservatory (£6,000), redecorating your home (£5,500), renewing your boiler (£2,600), upgrading your bathroom (£2,000), replacing your windows for double glazing (£1,500) and replacing your roof (£892).
Landscaping your garden does add some value, but once the cost of the work is accounted for this added value sits at just £40.
However, those considering fitting solar panels or a loft conversion may want to think again. Doing so will actually cost you around £5,000 once the cost of the work is accounted for, so it’s probably not worthwhile if you’re thinking about selling in the near future.
