Home improvements that add the most value to your property
Home improvements can make a big difference to the value of your property, but which renovation will get you the greatest return on investment?
Thinking of starting a residential remodeling project? Well, adding a double storey extension could boost the value of your property by as much as 20 per cent, according to a survey of estate agents.
A single storey extension, meanwhile, could add 16%, as could a loft conversion.
Sainsbury’s Bank Home Insurance asked over 100 estate agents throughout Britain which improvements and renovations added the most value to an average three bedroomed house, and which would offer the greatest return on investment.
Of the estate agents polled, more than half named improvements to the kitchen as the number one way to add the greatest return on investment. New bathrooms were cited as the next greatest return, followed by a loft extension to create an extra room.
Other top ways to add value included building an en-suite bathroom and adding off street parking, which could increase your house price by 13% and 11% respectively.
Scott Gorman, of Sainsbury’s Bank, highlighted the importance of informing your insurer about any renovations.
“Make sure you’re covered for any mishaps by notifying them before the work is carried out,” he said.
“If you’re making substantial renovations, where you have to move out of your home, check how long your policy will cover you while it’s unoccupied, as some providers will specify a limit on this.”