The independent network of estate agents Spicerhaart’s latest survey, which identifies the real value of DIY projects on house prices and saleability, reveals:
- A new kitchen tips the scale as most worthwhile home improvement
- Parking and garage space are buyers top requests
- A swimming pool will sink your profits
- Garden makeover and expensive internal home décor are top of the poll of least worthwhile home improvements
- Extra space equals extra cash
Bolster the saleability of your home
A new kitchen tops the poll as the most remunerative home improvement, with
71 % of the agents voting it as one of the three most worthwhile additions to
a home. This is followed by a new bathroom (53%) and a conservatory (46%). Other
popular home improvements include, double-glazing, central heating, garage &
parking space and loft conversion.
Room for improvement - increase your profit margins
The survey clearly shows that creating extra space is the most effective way
to increase the value of a home. As the results revealed, an extra bedroom,
loft conversion or extra living space would increase the value of a typical
house* the most by £13,996, £12,688 and £10,000 respectively.
Other improvements that would substantially bolster the price of a property
include a garage, conservatory or new kitchen. So before undertaking the expenditure
and the chaos you have to live through while an extension is built or a loft
converted you need to decide whether it will be real value for money in the
long term.
Money down the drain?
Not surprisingly with the British weather, a swimming pool was conclusively voted as the least popular and least profitable addition to a home, with most of the respondents saying it would not add to, and may even decrease, the value of the home. Other home improvements that would not add value include transforming rooms into a gym or a nursery.
Rank Worthless home improvements
- Swimming pool
- Garden makeover, decking
- Internal décor
- Bad loft conversions
- Porch
The top five worthless home improvements, according to Spicerhaart survey, also include internal décor, garden makeover and decking, bad loft conversions and a porch.
Russell Jervis, managing director of Spicerhaart comments: “It is interesting that a garden makeover/decking and internal décor were both voted as one of the most worthless home improvements. But buyers like to make their own mark on a home and personalise it to their own taste. Expensive internal décor and a complete garden makeover can be costly and vendors often will not see their investment returned. Having said this, these improvements may bolster the saleability of a home which is becoming increasingly important in today’s market.”
Buyers' top 10 requests
1 Parking / Garage
2 Kitchen/ dining space
3 Central heating
4 Garden
5 Double glazing
6 Size
7 Number of rooms
8 Enough living space
9 Original features
10 Ensuite bedroom
To help homeowners identify what property features will appeal most to buyers, the Spicerhaart survey has identified buyers’ top ten requests. With more households than ever owning one or more car, parking space or garage is the most popular request. Other top features requested include a kitchen/dining space, central heating, garden and double-glazing.
Russell Jervis, managing director of haart estate agents comments: “In this current market, sellers need to pull out all stops to get the highest price for their property and increase their chances to make a successful sale. An experienced property developer will always have at their forefront of their mind what type of feature will appeal to the mass market and consequently add the most value to their home. The results from this survey should be a useful guide for homeowners to cash in as much as possible from their renovations.
“However the old adage, ‘if a jobs worth doing it’s worth doing properly’, really does apply here. A botch D.I.Y. job will not help improve the saleability of a home and could even devalue it.”
* the example in the survey was a three bedroom semi-detached valued at around £250,000 in Warwick
