If you’ve been dreaming of a stylish loft conversion, open kitchen extension or new bedroom, you could stand to gain a lot more than extra space in your home.
Investing in home improvements not only makes your home more comfortable, spacious and better suited to your needs, done right it can actually add value to your property.
According to research carried out by peer-to-peer lending service Zopa (November 2014), the average home improvement adds a healthy 10% to the value of a property.
Zopa asked 1,000 borrowers what changes they had made to their homes and how much profit they had gained from the investment.
Results showed that homeowners added an average of £30,000 to the value of their home, exclusively through home improvements.
Those who added an extension stood to make the most profit, with an average yield of £14,000. This is unsurprising as an extension can add significant amounts of space to your property, allowing you to expand existing rooms or add more.
Loft conversions came in second with an average profit of £12,000, offering a 50% ROI. Loft conversions have become an increasingly popular and cost effective way for homeowners to gain a home office, extra bedroom or living space in their home.
The most popular part of the home to improve was found to be the kitchen despite offering a modest 49% ROI.
Zopa CEO and co-founder Giles Andrews said, ‘With the latest housing market reports showing the market to be slowing down, home owners could add significant value by looking at ways to improve their current homes, rather than move. With record low rates on borrowing, home improvements can be a cost-effective way to add value to your property for the long-term.’
At Broadoak we have seen the impact that home improvements can have on the value of our clients home, but we also understand how stressful it can be.
This is why our highly skilled team work to achieve your project on time, on budget, and with as little disruption as possible.
If you’re thinking about upgrading your place, let the team at Broadoak share our knowledge and experience and take out the stress and worry out of your home improvements. Get in touch today.