Against a backdrop of political and economic uncertainty it's little wonder that there are a growing number of homeowners that are choosing to improve their homes rather than risk a move.
The latest figures from Hiscox suggest that the number of homeowners opting to improve rather sell up has passed the 4 million barrier - representing a 12% rise over the last 5 years.
Existing and prospective homeowners are well advised research the impact different home improvements can have on the value of their property to help generate a greater return should they chose to rent or sell.
So where do you start?
Housing agents Sellhousefast.uk have been crunching the numbers and provide insight into which home improvements stand to add the most value to a property.
To achieve this, Sell House Fast took the average price of a UK home, which according to the latest ONS House Price Index comes in at £226,234 (March 2019). Thereafter, calculated the average monetary value per type of renovation or extension, using percentages taken from Hiscox’s ‘Renovation and Extensions report’ which indicates the value increase each renovation could add to a property. Unsurprisingly, updating the entire décor of your home can increase the value of your property.
According to the report, a fresh lick of paint all over the house can add up to 3.1%, which when taking into consideration the current average UK property price, translates to more than £7,000; an astronomical figure for a tin of Dulux.
Which renovations and improvements add the most value to a property?
Updating the kitchen can add £12,442.87 (5.5%), a new roof adds £7,013.25 (3.1%), the bathroom £5,882.10 (2.6%) and improving the garden up to £3,167.28 (1.4%).
And should homeowners look to take their home renovation project further and add an extension or conversion, this is how much extra value could be added:
A new bedroom can add £25,338.21 (11.2%), a loft conversion and/or kitchen extension can add a further £23,754.57 (10.8%), a basement conversion adds £15,157.68 (6.7%), a conservatory £13,574.04 (6%) and a new bathroom £12,895.34 (5.7%).
Robby Du Toit, managing director of Sellhousefast, comments: “Homeowners making the decision to stay put and add, improve and renovate their homes instead of moving, is becoming the new trend for those looking to adapt their property to meet their ever-changing needs and evolving lifestyles. It is logical that many view home renovations as a more economical solution and given the uncertainty of the market due to factors such as Brexit, it certainly seems more beneficial to add value to existing dwellings.”