"It’s always important to consider the cost of implementing a project, the value it’s perceived to add, and if it’s worth undertaking once you’ve balanced the two against each other."
- Head of eXp UK, Adam Day
The latest market insight from eXp UK has revealed which summer projects are most likely to add value to your home once the cost of the work is accounted for and which are best avoided when trying to make a splash with potential buyers.
eXp UK looked at 10 summer additions that homeowners can make to their home with the longer term view of adding value when they come to sell, what these features are thought to boost house prices by and what they actually add once the cost of implementation has been accounted for.
Balcony - £9,069 in added value
Top of the table is a balcony or terrace, with such an addition thought to add 5% to the value of your home. That’s a boost of £14,069 based on the current average UK house price of £281,373.
With the average cost of adding a balcony or terrace coming in at £5,000, that's an actual added value of £9,069 once you accounted for the cost of the work.
Bi-folding doors - £8,869
Bi-folidng doors have become incredibly popular as a way of creating a seamless connection between the indoors and your outdoor space during the summer months. Like a balcony, they are also thought to add 5% to the market value of your home, however, the cost of installing them comes in at £5,200, reducing the actual added value to £8,869.
Landscaped garden - £8,712
A well landscaped garden will cost you an average of £3,950 to complete, whilst adding 4.5% or £12,662 to the value of your home - equating to actual added value to the tune of £8,712.
Patio or decking - £7,749
The addition of a patio or decking will boost the value of your home by 4.3% or £12,099 in today’s market. With the average cost to add one to your home coming in at £4,350, that’s actual added value to the tune of £7,749.
Conservatories over summer houses
A conservatory, if done tastefully, is thought to boost property prices by 6% (£16,882). At the same time a summer house in your garden could add 5% (£14,069). Both boost house prices by a considerable chunk, but both are expensive to install, with a conservatory requiring a budget of £10,250 on average, while summer houses cost £14,000.
As a result, a conservatory will add £6,632 in actual value, while a summer shed will add just £69.
What else adds value?
An outdoor garden bar is thought to add actual added value of £5,316 once the cost of the work is accounted for, a BBQ or fire pit area will add £2,201, whilst a hot tub is estimated to add £1,446.
What to avoid
Of the ten summer additions you could make to your home, eXp UK has highlighted that there is one to avoid when it comes to adding value to your property.
A swimming pool is estimated to boost the value of your home by £12,662 (4.5%), however, with it also costing an average of £47,500 to install, it means doing so will leave you out of pocket to the tune of £34,838 when you do come to sell.
Head of eXp UK, Adam Day, commented: “When it comes to adding value to your home, it’s always important to consider the cost of implementing a project, the value it’s perceived to add, and if it’s worth undertaking once you’ve balanced the two against each other.
"In some cases, notable improvements to your home will require substantial budgets, but there are plenty of smaller projects that can be done for a few thousand pounds that will yield a good return.
"Of course, if such improvements are being made for your own enjoyment, then the value added is less of a worry, but it always pays to have an idea before you get started.”
