Often, it seems like the only way to add value to your home is via the long and expensive process of extending.
Most importantly, the tips and tricks are cheap: a simple change like an open-plan kitchen adds more than fourteen times the cost of the kitchen to the property’s value.
The findings include:
- Removing a wall to create an open-plan kitchen-diner can add £48,417 in seven days to an averagely-priced London property.
- A garden room or outside playroom can add £35,611 in 14 days to a Surrey property.
- Kitchen improvements like new flooring, worktops or cabinet doors can increase the value of a Dorset property by £26,838 in eight days.
- Converting an underused cupboard into a downstairs toilet can add £26,708 to a home in Surrey.
- Installing a new driveway can add £13,354 to a Surrey home.
- Installing decking and lighting to a back garden can add £8,946 in seven days to a house in Dorset.
- Dividing up your master bedroom to create an en suite can add £14,525 in 11 days to a home in London.
It seems like there’s never been a better excuse to cross off those long-awaited home improvements from your to-do list.
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.
“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.”
If you live outside of London, your home will still see a massive return on key home improvement projects.
Paula Higgins, chief executive of the HOA, said: “This research is encouraging news for home owners; improving your home to make it more enjoyable to live in can also give you a big financial boost when it is time to sell.
“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.