While the UK property market appears to be in a state of marginal decline at present, the most recent figures have been skewed by disproportionately high levels of stagnation in London. This is good news for home-owners, especially those who would like to sell their property in the near-term and take steps to increase its value in the meantime.
According to research from peer-to-peer platform Zopa, the average home improvement adds a healthy 10% to the value of a property, while there are larger-scale and more costly modifications that can really boost its potential resale value.
In this post, we’ll address the home-improvements that deliver the highest ROI to home-owners, while appraising their average cost and the impact that they can have on your property.
1. Build a Conservatory
Building a conservatory is one of oldest and most popular examples of home modification, and one that arguably delivers the highest ROI to property owners.
At present, the average cost of a conservatory is £5,300, while experts believe that this delivers a hefty profit in the region of £5,750. This translates into a profit and ROI of 108%, while it also creates an extra room in your house and provides a key selling point for agents like Andrews.
In terms of construction, it’s important to note that you’ll be exempt from the rules on structure and fire safety if at least of the new external wall and three quarters of the roof is either glazed or fitted with translucent material. You may need to sacrifice some of your garden space, of course, but this may be a small price to pay given the potential rewards.
2. Landscape your Garden
While it’s easy to overlook your garden space when selling your home, this can have a key bearing in the minds of potential buyers.
The size and shape of the back garden is an extremely important consideration for young families, for example, while the area at the front of the house is the first thing that buyers will see when they arrive for a viewing.
Improving and landscaping your garden will cost you around £4,550, while delivering an estimated profit of £4,000. This equates to an ROI of 88%, making it a worthwhile investment by anybody’s standards.
3. Build an Extension
This modification is similar to building a conservatory, in that it extends your property and introduces additional space.
An extension can stretch across two floors, however, while you may need planning permission if you intend to build three metres out from your existing external wall. New rules do enable you to theoretically build six metres from your existing external wall, but only if you’ve consulted with your neighbours and received no objections.
Building an extension is one of the costliest home improvements that you can invest in, with an average price of £19,750 charged to property-owners. However, it can add a staggering £14,000 to the value of your home and deliver an ROI of 71%, so it’s a worthy consideration if you have some savings accrued in your bank account.
