Increase the value of your home in days
With improvements and building work it is possible to add almost £50,000 to the value of a home in just seven days, according to recent research.
Findings from the Federation of Master Builders (FMB) and the Homeowners Alliance (HOA) highlighted which projects can add the most value to a home, in the shortest space of time.
Insights into property values were contributed by independent estate agents from the Guild of Property Professionals.
The findings depend on geographical location but include:
* Removing an internal wall to create an open plan kitchen dining room can add £48,417 in seven days in London
*Building a garden room or outside playroom for the kids adding £35,611 in 14 days to an averagely priced home in Surrey
*Converting a cupboard under the stairs into a downstairs cloakroom adding £26,708 in seven days to an averagely priced home in Surrey
*Converting part of the master bedroom into an en suite bathroom adding £14,525 in 11 days to an averagely priced home in London
*Installing decking and lighting in the back garden adding £8,946 in seven days to an averagely priced home in Dorset
Brian Berry, Chief Executive of the FMB, says: “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, adds: “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.”