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Which home improvements provide the best profit?
Home investments can add value to a property if you are looking to sell it. There are plenty of different things you could try, but which offer the best potential for profit? GoCompare home insurance recently revealed a study that looked at this. They found that boiler and central heating installation as well as new double glazing could add the most value.
The best thing to look at investing in is improving the green credentials of a property. Buyers are likely to pay more for homes that are more energy efficient and cheap to run. That is why modern boilers, up to date central heating, new insulated windows, insulation, or energy saving measures such as LED lights are valuable.
The first thing sellers generally think about with home improvements is decorating. While new paint, wallpaper and carpets may look nice, most buyers will want to put their own stamp on the property. As a result the investment may not pay off. In the worst cases it can actually be a loss.
Kitchens and bathrooms
A new kitchen or bathroom could add considerable value to a property. The risk is that you may choose a design that buyers won’t like. Naturally you will go for something because it appeals to you. The buyer may not share this view though. In some situations it is preferable to leave the property as it is and leave the new owner to make the improvement themselves.
What projects are the most popular?
It is surprising how many people mistakenly invest in the wrong kind of home improvements and lose out. The most common projects are:
- Interior decorating – 53%
- New kitchen – 42%
- Flooring – 38%
- New bathroom or garden work – both 36%
- Double glazing – 29%
- A new boiler and/or central heating – 28%
Which add the most value?
Impressively boiler and central heating installation can add as much as 4% to the value of a property. These systems provide long term benefits and are not things the new owner will come in and want to replace themselves.
New double glazing could also add 4% to the value. Changing the internal layout by removing walls or adding a new kitchen could add 2%. Gardening work, decorating, and a new bathroom may add 1%. Keep in mind that building work and new kitchens or bathroom can come with seriously large price tags. Therefore, it may be difficult to make this money back in the sale price.
As you can see boiler and central heating installation should be something you look at, especially if the existing systems are very old. Warm can help you to find local engineers to do the job. Fill out our form for three competitive quotes or telephone us for help.
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