The UK property market has fluctuated of late, although a continued imbalance between supply and demand has generally caused prices to rise. In fact, the value of British property increased by 3.7% in August, with the average home in the UK now costing buyers around £229,958.
Should this trend continue, home-owners may have a limited window of opportunity in which to increase the value of their property and sell it for a profit. The key is to determine which home improvements deliver the highest rate of return, before selecting the tasks that best suit your circumstances and budgetary constraints.
To help you on your way, we’ve listed the three home improvements that will add the most value to your property.
1. Add a Conservatory
We start with one of the most popular home improvements in the UK, with 5% of home-owners having built a conservatory to create additional interior space.
Many people confuse this with building an extension, but the fact remains that conservatories are cheaper to construct and will not require planning permission in most instances. This build is usually easier to complete too, as you may only need to construct one external wall and utilise the type of energy efficient insulation products sold by CCF.
In total, building a conservatory costs around £5,300, while it delivers an average profit of £5,750.
This represents a whopping ROI of 108%, and while this margin may have declined slightly in recent times it continues to offer considerable value to home-owners.
2. Improve and Remodel your Front Garden
You may have heard the term ‘kerb appeal’ used in conjunction will selling real estate, and this is based on the popular assertion that it only takes us an average of seven seconds to make a first impression on others.
The same principle can be applied to your home, as potential buyers will usually make a judgement within seconds of seeing the front garden and the exterior of the property.
You can capitalise on this as a vendor, by clearing your front garden of any clutter or dead plants. Then plant some seasonal flowers that introduce colour and vibrancy into the space, before pressure washing your driveway or laying a new one if it has become cracked or damaged.
A full overhaul of your front garden can cost up to £4,550, but this will deliver an average profit of £4,000. This translates into an ROI of 88%, while it also increases your chances of completing a quick sale.
3. Update the Exterior of your Home
Once you’ve enhanced your front garden, the next step is to update the exterior of the property and create a genuine wow factor for potential buyers.
This will require a keen eye for detail, as you must replace any broken roof tiles or damaged door frames, while also attending to the guttering or any signs of structural wear and tear.
Once these issues have been tended to, you can set about cleaning your windows and the rest of the exterior, before adding a fresh coat of paint to ensure that the property maintains a fresh and vibrant look.
Reviving the exterior of your property can be surprisingly expensive, costing up to £6,000 depending on the work required.
However, this will deliver a profit of around £4,500 and an ROI of 75%, as well as optimising your home’s kerb appeal and affording your property a competitive advantage in the market.