The uncertainty caused by Brexit means that many homeowners are staying put instead of moving as they wait to see how the UK leaving the EU impacts on the state of the country’s property market.
Property Reporter recently shared research carried out by Safestore, which revealed the most popular renovations in different parts of the UK, as well as which projects are likely to deliver the best return on investment for homeowners.
One of the most popular home improvement projects to undertake in London, for example, is creating an open-plan living space. Some 44 per cent of the properties for sale in the capital are listed as open-plan, with 16 per cent of these also listed as refurbished indicating that the work has been done recently.
Meanwhile, in Bristol it’s loft conversions that are among the most popular renovations, with 37 per cent of properties making use of their attic space in this way. Around a third of homes in Birmingham and Cardiff have also got loft conversions.
On average, 11 per cent of homes in the UK feature an extension, the news provider revealed. But in some cities, such as Edinburgh and Leeds, the number of houses with extensions is higher. It’s 17 per cent in Edinburgh and 14 per cent in Leeds.
But if you’re looking to make home improvements that show the best return on investment, replacing your boiler is the way to go. This costs an average of £1,300 and brings an estimated two per cent boost to the value of a home.
Refurbished kitchens can also increase the value of a property by around eight per cent, but as the initial outlay on this kind of project is higher, they don’t do as well as boilers in terms of return on investment.
If you’re planning large-scale renovations in your home, make sure you don’t forget about the smaller details, like shopping for UK internal door sets. This might seem like a trivial detail, but it will ensure that your whole home has continuity.
Another lucrative investment you could make is adding another bedroom to your property. Regardless of where in the UK you live, this will add value. In cities such as Newcastle and Leeds, a whopping 50 per cent can be added to the value with every bedroom.
In Wales and Scotland, the price increase isn’t quite so dramatic with an extra bedroom, but does still net an average of £65,000.
London, not surprisingly, saw prices climb considerably when an extra bedroom was added to a home. On average, this boosted the value of a property by £200,000.
Of course, converting your space to fit an extra bedroom isn’t a cheap home improvement project and you’ll need to fund it somehow even if you’re going to get the money back when you do eventually sell.
If you want to get stuck into a large home improvement project, make sure you plan your finances carefully. We recently shared some tips on how to budget for renovations, which included setting a budget from the very beginning and setting aside some money every month towards your project.