It is possible to add almost £50,000 to the value of your home in just seven days, according to new research from the Federation of Master Builders (FMB) and the HomeOwners Alliance (HOA).
As independent estate agents, members of The Guild of Property Professionals also contributed insights into property values.
The key findings from this research into the projects which can add the most value to your home, in the shortest space of time and in particular parts of the country, include:
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Removing an internal wall to create an open plan kitchen and diner can add £48,417 in seven days to an averagely priced home in London;
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Building a garden room or outside playroom for the kids can add £35,611 in 14 days to an averagely priced home in Surrey;
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Investing in kitchen improvements such as new flooring, a new worktop and new cabinet doors can add £26,838 in eight days to an averagely priced home in Dorset;
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Converting a cupboard under the stairs into a downstairs toilet can add £26,708 in seven days to an averagely priced home in Surrey;
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Converting part of the master bedroom into an en suite bathroom can add £14,525 in 11 days to an averagely priced home in London;
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Building a new driveway can add £13,354 in nine days to an averagely priced home in Surrey;
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Installing decking and lighting in the back garden can add £8,946 in seven days to an averagely priced home in Dorset.
For a full list of projects, costs and the value they can add to your home broken down by region, see our research in full.
Brian Berry, Chief Executive of the FMB, said: “By investing less than £3,500 on the creation of an open plan kitchen and diner, home owners in London can add a whopping £50,000 to the value of their home in just one week. If you’re looking to move up the property ladder, it’s obviously in your best interests to increase the value of your home as much as possible. By investing in low cost, high return projects, not only will you make your home a more pleasant place to live, you’ll also be increasing its value significantly. Better still, these projects take no time at all so the hassle factor will be kept to an absolute minimum.”
Berry concluded: “As the weather starts to improve, now is the perfect time to commission the home improvement projects you’ve been putting off all winter. Those who want to increase the value of their property in a matter of days will undoubtedly need to hire a quality builder to complete the project. If you don’t have a reliable recommendation from a family member or friend, consumers should make use of the FMB’s free Find a Builder service. All new members of the FMB are vetted and independently inspected before they are allowed to join, so home owners can rest assured that they’ll be working with a professional building firm.”
Paula Higgins, Chief Executive of the HOA, said: “This research is encouraging news for home owners; improving your home to make it more enjoyable to live in can also give you a big financial boost when it is time to sell. There is a caveat though as if your primary aim is to increase the value of your home, you should consult the experts in order to ensure you will see a return. We always recommend finding your best performing local estate agent using our free, instant online tool ‘EstateAgent4Me’ and inviting a few agents to give you a property valuation and advice on your proposed project. The best local estate agents will be able to tell you what refurbishment projects other homes have benefited from along your road, or in your area, and how much value those projects have added.”
Research methodology
The Federation of Master Builders’ research into home improvement projects was carried out in the week commencing 29th January 2018. The survey was carried out among estate agents from different parts of the UK who are members of the Guild of Property Professionals and builders who are FMB members. FMB members were asked how long it would take to carry out the following improvements and how much it would cost. 313 FMB members participated in the survey. Thomas Morris (Cambridgshire), Corbens (Dorset), Sawdye & Harris (Dartmoor), Roseberry Newhouse (North East England), Homecare Estates (Surrey), Joplings (North Yorkshire) and Simon Etson (Drivers & Norris) were then asked to estimate how much the work would increase the value of a typical property in their area.
All property prices are according to UK House Price Index, in December 2017.
Builders and the independent estate agents didn’t always agree as to where the biggest value could be realised. For example, the estate agents felt that a garden room or outside playroom for kids could add, on average, an extra 8% to the value of the property, but the builders ranked it as the second least effective project and this is likely due to the length of time it takes. Both builders and estate agents agreed that decking in the back garden was not a good idea.
