If you own your house, there’s a good chance you’re planning a home improvement project in the not-too-distant future.
A growing number of people are choosing to upgrade their current property rather than move house, according to a recent study from Hiscox, with 15% of homeowners electing to improve rather than move in 2017 – up from just 3% in 2013. The trend is even more pronounced among millennials, with 26% of homeowners within this demographic choosing to make do and mend.
Of course, if you are planning home improvements, you’ll be looking for reassurance that it’s worth the time and effort (not to mention the money). Will your chosen upgrade make your property more desirable, or could it even put off potential buyers if you do eventually decide to sell up?
With that in mind, Canopies UK has produced this helpful infographic detailing the impact that common upgrades and additions can have on the value of a property, based on surveys and insights from the likes of Nationwide and Phil Spencer.
When assessing the potential impact of any home improvement work, context is vital. Digging a basement extension will almost certainly be expensive, but it could add real value – provided you live in an area with high per-square-foot house prices. Likewise, a £10,000 kitchen refit could drive up the value of a £250,000 home, but may have the opposite effect on a £1 million property.
Unsurprisingly, many of the most valuable improvements are related to expanding floor space. A 10% increase adds an average of 5% to the price of a house, according to Nationwide, making these upgrades a potentially worthwhile investment for anyone who can afford the initial outlay.
To give you a complete picture, they’ve also considered things to avoid when making additions to your home. Common mistakes that are unlikely to have a large enough impact on property value to justify the upfront cost include adding too many bedrooms, “outgrowing” your street (location places an upper limit on how much a home is worth) and replacing all the furniture.
For a roundup of the best – and worst – improvements for adding value to your home, and if you’re feeling inspired, check out the infographic here.