Hiscox suggests that there is a growing number of homeowners deciding to upgrade their home as opposed to looking for a new home.
Home Improvements That Add Value In London
Whether you plan on selling your home soon, or you wish to stay in your property for many years to come, home improvements are of interest. If you have the budget, improving your home will likely pay off. If you stay, you enjoy a larger or more spacious home with enhanced functionality for your needs. You also receive the long-term benefit of improving the value of your home.
Of course, if you plan on selling your home, improving its value makes sense. An improved home will gather more attention and interest. This outcome will hopefully see you receive more offers and offers of more substantial value. Therefore, as long as you can justify the time, inconvenience and expense of home improvement work, it is likely to pay off, no matter what your property aims are.
A recent study undertaken by a company called Hiscox suggests that there is a growing number of homeowners deciding to upgrade
their home as opposed to looking for a new home. Over the past five, this group of homeowners has increased by 12%.
Improving your home makes sense for many households
There have been challenges in the property market, and this approach makes sense. If you are settled in your home, you like the area, and local amenities such as schools, transport hubs and shops are to your liking, there is a strong argument to stay. If the most significant issue you face with your home is that it is too small for your current needs, expanding your home is the ideal solution. Even if the property market weren’t so competitive, some people would take this option, but in the current climate, it is perfectly natural for homeowners to make this choice.
The home improvement that is best for you may not necessarily be the most popular choice in the market. If you are improving your home for your benefits, and you see your household staying at home for a long time, you don’t need to worry about market expectations. However, if you like to keep track of the market, and you want to ensure when you do sell that your changes are effective, you should consider the following options.
A new bedroom adds value to your house
Taking the ONS House Price Index
into consideration, adding a new bedroom to your property is the best way to improve your home. This extension should add 11.2% to the value of your home, going by average prices. The next best improvements are either a loft conversion or a kitchen extension, recognised as offering a 10.8% increase in value.
If you have an unused loft area at home, converting into a living space makes sense. You’ll find this space is often turned into another bedroom, but it can be used for office space, a home gym or any area of interest. Take your family needs into consideration, and choose a finished room that offers functionality.
Anyone looking for guidance in the property market should call on a local specialist. If you want to have your home valued, get in touch with Plaza Estates
, and we’ll be more than happy to assist you.