We all like to make improvements to our property when the budget is available, but if you plan to sell in the near future would you be able to recoup your costs? Below are a few suggestions on the value alterations typically make, so that you can judge whether to make an investment in home improvements:
- Loft Conversion – typically adds 12.5% to the selling price, more if it is a very high standard.
- Extension – this can add on average 11% to the value of your home.
- Conservatory – generally 6.7%, depending on the quality of it.
- New kitchen – on average it could increase its value by 4.6% – good kitchens and bathrooms help sell.
- Installing central heating – 3.4%.
- New bathroom – depends on the quality obviously, but generally it adds 2.88%.
- Redecorating – 2.6% on average.
- New driveway – this could add 2.2% but would definitely improve the all important ‘curb appeal’.
- Installing decking or a patio – 2%.
Above percentages were quoted in May 2010 Good Housekeeping magazine.
This is a rough guide, but importantly all and any improvements will help you get a buyer when the time comes, and you get to enjoy the additions to your home in the meantime. A “Win Win” situation.