Moving home is often cited as being one of the most stressful experiences you can go through. It is no wonder then that so many Brits are choosing to stay put and instead improve and expand their existing homes, with approximately £30billion being spent every year on home improvements.
So with home improvement such an obviously popular concept, CoverBuilder has been doing some research to see which alterations can add the most value to your property. Read on to find out!
The bathroom makeover
Your bathroom tends to be one of the rooms that can really date a home, as well as being one of the rooms that it is most easy to quickly and cost-effectively transform. A new bathroom can add around 5% to the value of your house, with the average complete replacement costing around £3000. If this may be outside of your budget at present, a simple lick of paint and new accessories can go a long way in changing the look of a room until you can afford to carry out a large-scale replacement. Remember though to use paint that is designed for use in kitchens and bathrooms – these environments tend to be damper than most other rooms and will require more heavy-duty paint.
A new kitchen
The average price across the UK of replacing your kitchen works out at around £8,000, but could add around 6 per cent to the value of your property according to a recent article by This is Money. It is a big investment but one that is very worthwhile, since the kitchen is usually the hub of the home and the place that the family will spend most of their time. If you are planning to renovate your kitchen there are so many things to consider that it can quickly become overwhelming – with a project of this kind that is so heavily focused on aesthetics and design it is sensible to use lots of samples to see what you think will work in the space before committing to buying the materials you will need.
Adding an extension
Although extending your property can be a big undertaking, it can pay out massively in terms of the increased value it can add should you come to sell your home. You can expect to pay anywhere from £20,000 for a good quality extension, adding an estimated value of 11 per cent (around £33,000 on the average UK home). This type of renovation also has the added benefit of creating lots of extra space for you and your family to enjoy within your home. It provides a viable alternative to moving house when you have outgrown your current space. It is often far more cost effective and means you don’t have to compromise on your location if your current spot is perfect for your family’s needs.
Before getting carried away with which home improvements you can fit within your budget, it is important to take a moment to stop and assess whether anything else needs to be considered. Firstly, you should be realistic about timescales and how much of the work you can feasibly do yourself. It is all very well planning a super tight budget where you only employ tradesmen for the bare minimum, but if you have a full time job and lots of other commitments this may not be realistic.
Equally important is the need to consider your current home insurance and whether it is going to, firstly, permit the renovations to your home and secondly, adequately protect you during this time. Your first step should be to contact your existing home insurance provider to check whether or not your proposed works will be acceptable to them. If they will not be happy to continue their cover then you will need to find a specialist renovation insurer – make sure you allow plenty of time to do this to obtain quotes and find the best cover at the best price possible.
Renovating can be incredibly exciting as it gives you the chance to really put your own stamp on your home. As the stats above show, it can also be a financially rewarding decision too showing why more and more Brits are choosing to improve their homes in various ways.