Homeowners could add almost £50,000 to the value of their home in just a week, according to joint research by the Federation of Master Builders (FMB) and the HomeOwners Alliance (HOA).
Top of the list of home improvements that will give you a good return on your money is removing an internal wall to create an open-plan kitchen/diner. Researchers found that this can cost £3,426 but can add £48,417 in value to an average-priced London home in just seven days.
Brian Berry, chief executive of the FMB, says: “By investing less than £3,500 on the creation of an open-plan kitchen and diner, homeowners 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 be increasing its value significantly. Better still, these projects take no time at all so the hassle factor will be kept to an absolute minimum.”
Head south, and you could hire builders to create a garden room or outside playroom for the children at a cost of £6,653 and add £35,611 in two weeks to a typically priced property in Surrey. Meanwhile, refurbishing a kitchen with new flooring, worktop and cabinet doors would cost £4,127 and could add £26,838 in eight days to an average-priced home in Dorset.
Other jobs that could give your home a boost in value are:
- Converting a cupboard under the stairs into a downstairs toilet, which can add £26,708 in seven days to a typically priced home in Surrey – at a cost of £2,622;
- Converting part of the master bedroom into an en-suite bathroom, boosting the price of an average London home by £14,525 in 11 days – at a cost of £4,713;
- Adding a driveway can add £13,354 in nine days to an averagely priced home in Surrey – at a cost of £2,208; and
- Transforming your back garden with decking and lighting, which can add £8,946 in a week to an average-priced home in Dorset – with the work typically costing £3,971.
However, homeowners shouldn’t assume that every improvement will add value: for example, homeowners in London and the North East would add no value to their home after spending £3,971 on garden decking and lighting.
The research was carried out nationwide among estate agents which are members of the Guild of Property Professionals and FMB members, weighing up the cost of an improvement and the time it would take to build them in different parts of the country, with house prices taken from December 2017’s UK House Price Index.
Paula Higgins, chief executive of the HOA, adds: “Improving your home to make it more enjoyable to live in can also give you a big financial boost when it comes to sell. There is a caveat, though, as if your primary aim is to increase the value of your home, you should consult the experts in order to ensure you will see a return.
“We always recommend finding your best performing local estate agent using our free, instant online tool EstateAgent4Me and inviting a few agents to give you a property valuation and advice on your proposed project. The best local estate agents will be able to tell you what refurbishment projects other homes have benefited from along your road, or in your area, and how much value those projects have added.”
|Home Improvement job||Days taken to complete job||Cost to complete job||Region||Added value to average home||Profit made|
|Converting cupboard under stairs into a downstairs toilet||7 days||£2,622||Cambridgeshire||£8,750||£6,128|
|Decking and lighting in the back garden||7 days||£3,971||Cambridgeshire||£5,834||£1,863|
|London||No value added||-£3,971|
|NE England||No value added||-£3,971|
|Removing an internal wall to create open plan kitchen/diner||7 days||£3,426||Cambridgeshire||£5,834||£2,408|
|Kitchen improvements such as a new flooring, new worktop, new cabinet doors||8 days||£4,127||Cambridgeshire||£14,584||£10,457|
|A new drive way||9 days||£2,208||Cambridgeshire||£5,834||£3,626|
|Converting part of master bedroom into en-suite||11 days||£4,713||Cambridgeshire||£8,750||£4,037|
|A garden room/outside playroom for the kids||14 days||£6,653||Cambridgeshire||£29,168||£22,515|