House prices: Conservatories can boost home value by £6k- but loft extensions can cost you
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
When selling a property, homeowners will want to get the best price possible. A property expert revealed what potential buyers are looking for and what renovations to avoid making.
With the property market open again, many Britons are looking to buy or sell their homes.
What buyers are looking for can vary in different parts of the country.
The coronavirus lockdown may also have prompted a change in demands as more people work from home.
Property experts at Home buying platform Yes Homebuyers have explained the improvement that many would pay a premium for.
Making renovations can increase how much buyers are willing to pay for the home.
While home improvements can take time and money, the experts explained they could add value to a property.
In fact, installing a conservatory could be the most yeilding improvement once the cost of the renovation is taken off.
The research showed adding a conservatory costs an average of £8,308 to complete.
However, the extra room could boost the value on a home by six percent.
The average house costs £237,963 which means sellers could get an increase of £14,278.
Once the price of the work is taken away, sellers could get an extra £5,969 for the sale.
The experts also warned against some of the most expensive home renovations.
They said a loft conversion could add as much as £25,700 to the value of a house.
However, completing the works costs an average of £29,000 meaning homeowners would actually lose £3,300.
Founder and managing director of Yes Homebuyers Matthew Cooper said: “All too often home sellers will look to improve their property ahead of a sale with the goal of recouping this cost and more with a higher sold price.
“However, this doesn’t always work out as planned and it’s important to understand what will add value in the eyes of potential buyers and the cost of these improvements versus the return you’ll gain.
“Improving the core foundations and features of a property is always a safe bet.
“A solid roof, a new boiler and a modern kitchen or bathroom will save a buyer money in the long-run.
“Decorating is also a cost-effective way to make your home feel fresh and modern and add value during the sale process.
“Of course, it’s important to remember to stay neutral and avoid any loud colour schemes or styles that could deter buyers and this applies to everything from a lick of paint to new kitchen units.”
Source: Read Full Article