You can add £50k in 7 days to the value of your home
It is possible to add almost £50,000 to the value of your home in just seven days, according to new research from the Federation of Master Builders (FMB) and the HomeOwners Alliance (HOA).
As independent estate agents, members of The Guild of Property Professionals also contributed insights into property values.
The key findings from this research into the projects which can add the most value to your home, in the shortest space of time and in particular parts of the country, include:
- Removing an internal wall to create an open plan kitchen and diner can add £48,417 in seven days to an averagely priced home in London
- Building a garden room or outside playroom for the kids can add £35,611 in 14 days to an averagely priced home in Surrey
- Investing in kitchen improvements such as new flooring, a new worktop and new cabinet doors can add £26,838 in eight days to an averagely priced home in Dorset
- Converting a cupboard under the stairs into a downstairs toilet can add £26,708 in seven days to an averagely priced home in Surrey
- Converting part of the master bedroom into an en suite bathroom can add £14,525 in 11 days to an averagely priced home in London
- Building a new driveway can add £13,354 in nine days to an averagely priced home in Surrey
- Installing decking and lighting in the back garden can add £8,946 in seven days to an averagely priced home in Dorset
Brian Berry, chief executive of the FMB, said: “By investing less than £3,500 on the creation of an open plan kitchen and diner, home owners in London can add a whopping £50,000 to the value of their home in just one week. If you’re looking to move up the property ladder, it’s obviously in your best interests to increase the value of your home as much as possible. By investing in low cost, high return projects, not only will you make your home a more pleasant place to live, you’ll also be increasing its value significantly. Better still, these projects take no time at all so the hassle factor will be kept to an absolute minimum.”
Paula Higgins, chief executive of the HOA, said: “This research is encouraging news for home owners; improving your home to make it more enjoyable to live in can also give you a big financial boost when it is time to sell. There is a caveat though as if your primary aim is to increase the value of your home, you should consult the experts in order to ensure you will see a return. We always recommend finding your best performing local estate agent using our free, instant online tool ‘EstateAgent4Me’ and inviting a few agents to give you a property valuation and advice on your proposed project. The best local estate agents will be able to tell you what refurbishment projects other homes have benefited from along your road, or in your area, and how much value those projects have added.”