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How to add significant value to your home
A new study shows which home renovations will add the most value to a property.
From kitchen improvements to building a new driveway, new research unveils top ways to add value to your home in the shortest space of time and in particular parts of the country.
The study, undertaken by the Federation of Master Builders (FMB) and the HomeOwners Alliance (HOA), looked at research into the sort of projects which can add the most value to a property, and found that homeowners can add up to just over £48,400 on average to the value of their property by undertaking the following works:
+ Removing an internal wall to create an open plan kitchen and diner can add £48,417 in seven days to an averagely priced home in London;
+ Building a garden room or outside playroom for the kids can add £35,611 in 14 days to an averagely priced home in Surrey;
+ 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;
+ Converting a cupboard under the stairs into a downstairs toilet can add £26,708 in seven days to an averagely priced home in Surrey;
+ Converting part of the master bedroom into an en suite bathroom can add £14,525 in 11 days to an averagely priced home in London;
+ Building a new driveway can add £13,354 in nine days to an averagely priced home in Surrey;
+ Installing decking and lighting in the back garden can add £8,946 in seven days to an averagely priced home in Dorset.
For a full list of projects, costs and the value they can add to your home broken down by region, click here.
This research is encouraging news for homeowners. Making home improvements not only makes it more enjoyable to live in a property, but can also offer a major financial boost when it is time to sell.
Reflecting on the study, 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 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.”