Adding value to a home might seem like common sense. But whether you’re selling up or staying put, knowing what gives a good return on your outlay can be a crucial factor in your decision making. From improving kerb appeal to installing a new kitchen, here are six of the most profitable options, with some costing surprisingly little* :
Lower cost, high impact
- Kerb appeal – house painting and a new front door
Painting the outside of a home and changing a tired old front door can hugely improve a home. Remember, first impressions are arguably the most important aspect of selling.
Cost estimate: £400 to £2,500 – this assumes that scaffolding is needed and you can do the painting yourself
Increase in home value estimate: up to 4%
- Bathroom makeover
If your bathroom looks as though it’s seen better days, transforming it doesn’t have to cost a fortune. Adding new lighting, taps, vinyl flooring, toilet seats and shower heads and screens, won’t cost the earth but can rejuvenate the space.
Cost: £500 to £2,500
Increase in home value: Up to 5%
- De-clutter and brighten up your home’s interior
Dingy, messy homes simply don’t sell for as much. So, one of the best and simplest ways to add value is to have a huge clear out and paint your home’s interior with light, neutral colours. Bright paints bounce light around, while de-cluttering makes rooms look bigger.
Cost: £500 to £1,000
Increase in home value: Up to 4%
- Convert the garage
If you’ve got space to park on the street, you could convert your garage into an additional room, such as an office or a playroom. These can be hugely appealing to buyers. Having a tradesperson carry out bigger jobs such as adding windows, insulation and radiators, doesn’t have to cost a huge amount. Any smaller jobs like painting and furnishing can be done by yourself.
Cost: £1,500 to £3,000.
Increase in value: Up to 6%
Higher cost, high impact
- Kitchen renovation
As any estate agent will tell you, kitchens sell homes. Fortunately, you don’t need to spend huge sums on a new one as firms such as IKEA, BnQ and Wickes sell medium-sized kitchens for just a few thousand pounds. And fitting costs can be surprisingly low if you shop around.
Cost: £9,000 to £13,000 (for a mid-range kitchen including fitting, appliances etc).
Increase in home value: Up to 10%.
You have to be careful if you add a conservatory as badly integrated, plasticky-looking ones can be a real turn off. However, a good quality conservatory that’s full of light and flows nicely into the rest of a property is usually a winner.
Cost: £10,000 to £15,000
Increase in home value: Up to 8%.
Don’t forget to plan ahead
Please do contact us (or your home insurance provider) to check your cover well before any major work starts.
For larger projects, it’s also important to check whether you need planning permission. As we’re sure you’ll agree it’s better to know sooner rather than later.
Being the number 1 rated UK home insurance provider on Review Centre** it goes without saying that our customers come first. If you have any questions or you’d like to learn more about your cover, we’d be delighted to help. There are a number of ways you can get in touch.
*All estimates are based on a standard 3-bed terraced house
** Policy Expert is rated the number 1 home insurance provider in the UK on independent review website – Reviewcentre.com. Based on 28,204 customer reviews and a 96% recommendation rating, January 2020.