You’re craving a conservatory for your plants. You dream of knocking down the wall that blocks out natural light. You saw them in a cooking show, and now you can’t stop picturing granite countertops...
Everyone has a list of things they’d love to do with their homes, but is the cost and hassle of renovating really worth it? Since your home is also your investment, it might be more worthwhile than you realise.
"How much is my house worth?" Foxtons local experts can help you find the value of your property in the current market.
Royal London, a mutual insurer, published a study on the benefits of renovating. They surveyed UK home owners on how much they would spend on their next home if it had certain improvements, to discover which renovations add the most value to a home.
The highest value addition was a modern kitchen, which increased the property price by £11,160 (based on the average UK house price of £274,615). The second most valuable addition was a modern bathroom, increasing the property value by £10,915.
Other worthy additions were:
- Loft Conversion: £10,845
- Spare bedroom: £10,744
- New boiler/heating system: £9,647
Potentially increasing the value of your investment by £11,000 is a pretty good reason to have your tea in the sitting room for a few weeks. In fact, according to Royal London’s survey, selling the property was the second biggest reason homeowners chose to renovate (just behind the need for more space for oneself or partner).
Ready for anything: selling or otherwise
While your long-term goal may be to sell, you might not be ready to move just yet. That's great; renovating and selling a home both have a huge impact on your daily routines and schedules. If you renovate and get it valued now, you can see where you are in your investment and make your plan for a future sale.
Also, be sure to book a valuation before you start the project, so you know where your efforts will pay off.
Do it for you
Royal London's study is dazzling with its big, rewarding numbers, but every renovation project is unique. How much your project influences your asking price depends on how well the renovation is done, what trends are people looking for, your buyer's style, etc.
So, if you're renovating to sell, you might find yourself asking, “why did we wait until we’re ready to move to do this?” It's good to keep the benefits to your property value in mind – especially when everything is coated in sawdust – but you might also want to think about how much enjoyment you will get out of the renovated space.
What will the neighbours think?
Have you noticed how, once one homeowner starts a renovation, projects start cropping up all over the neighbourhood? It’s not just coincidence. Another big reason people start work on their homes is because of their neighbours, especially in London, which is where the higher number of respondents did home improvements because of neighbours projects (according to Royal London's survey). So, maybe you're not just be increasing your home’s value, maybe you're inspiring the the whole block.
A beautiful reward
Throughout this blog, you've seen gorgeous interiors from the Foxtons Photography Team. These professional property photographers have a gift for highlighting a home's best features. If you do choose to sell after you've renovated, our photographers will ensure your hard work doesn't go unnoticed.
Exceptional photography is part of our marketing plan, which will put your property in front of the serious buyers most likely to fall in love with it. Get in touch and we'll walk you through it.