When you’re considering making renovations to your home, often the thought of adding value to the property when it comes to selling can be a deciding factor.
However, experts have revealed that while most improvements will increase the potential asking price, the added value is not always greater than what you spend in the first place.
GoCompare has teamed up with property expert Henry Pryor who is a regular fixture on BBC Breakfast and Radio 4’s Today programme, to identify the upgrades that are really worth your money.
His findings reveal that the most profitable home improvement is installing a new boiler for a cost of £2,000 which will add £8,000 in value, making you a profit of £6,000.
Increasing home security and energy saving measures are also worth your while, but updating bathrooms and kitchens and putting in new flooring won’t add more value than what you’ve spent, leaving you at a loss.
Installing a new boiler is the most profitable addition you can make to your home, adding £8,000 in value for the cost of less than £2,000
‘It’s best therefore that you think carefully why you are spending extra money and who will benefit,’ he said.
‘My advice is usually to spend money on the things that you want and leave other improvements to the next person who may not share your taste.
‘Most people who are thinking of selling their home or looking to improve it to add value will consider the merits of a trip to the DIY store, some will even consider doing some building work in the hope of adding value but not all buyers will be prepared to pay for your idea of improvements or good taste.
The best value for money home improvements (and the ones that aren’t worth the cash)
Open plan living
Paint & decorate
Off street parking
‘Some buyers would even prefer to be able to put their own mark on a property and install the bathroom or kitchen of their choosing and may even pay for the chance to be able to do so.
‘Most buyers prefer to pay for the opportunity to be able to add an attic conversion, kitchen extension or convert a basement.
‘Getting planning permission to do the work is frequently the best investment you can make leaving the actual choice of layout, decoration and equipment to the next owner.
‘Improving the green credentials of a house usually pays – a new boiler, insulation or energy saving measure along with security improvements will usually pay off but some additions like solar panels will be hard to get a payback on immediately.’
Paving your driveway to allow for off street parking will cost around £2,000, but adds £6,000 to the value of your home
If you can’t afford to do any major work before trying to sell your house, the good news is that one of the biggest improvements you can make costs very little.
‘My advice to most people is that the best investment they can make is to buy a bucket, sponge and some cleaning materials,’ Henry explained.
‘There is always value in giving the right first impressions and letting buyers go away discussing the potential of the property rather than the rim around the bath can add pounds to your price.
‘Unless you really know the market and what people really want then you are better off making clear the potential in your property and letting their imagination do the rest.
‘A clean, tidy property will always command more than a scruffy home that looks like a skip.’