Did you know the most popular home improvements – new bathrooms and kitchens – are actually unlikely to result in a profit in many cases?
According to new research by buying agent Henry Pyror and GoCompare home insurance, the average cost of a new kitchen is £7,000 and yet only adds about half of that amount to the value of a property.
The more “unglamorous” projects are often more effective ways of increasing the value.
Energy improvements, such as a new boiler or central heating system, can increase the price of a property by close to 4%, the equivalent to just over £9,000. The average cost of a new boiler cost is around £2,000, providing the householder with a net profit of close to £7,000.
Other improvements can be more subtle. A fresh coat of paint may add little to the value of a property, for instance, but making your home look as welcoming as possible can undoubtedly encourage prospective buyers through the door.
For more advice about buying and selling property in Kidderminster and Worcestershire, give us a call on 01562 745082.