As London house prices maintain their strength, new types of improvements are becoming fashionable. One recent announcement from skylight manufacturers Sunsquare suggested that a skylight could add £50,000 to the value of a property in the capital for an outlay of £5,000.
Two separate surveys, by peer-to-peer lenders Zopa and the Daily Telegraph (who spoke to Estate Agents) compared the value of more traditional improvements, with interesting results.
Zopa suggested that the average home improvement would add a 10 per cent to the value of a home, nationwide. They asked users who had taken out home improvement loans what changes they made and how much profit the work had added to their property value – the answer was an average of £30,000.
The Telegraph survey compared Estate Agent estimates of added value from a number of possible improvements.
Loft conversions and new kitchens added 10 to 20%, a new bathroom 8 – 10%, an ensuite bathroom 3 – 5%, and a conservatory 12 – 12%.
Adding garden room was worth an increase of 15 – 20%, and an extension 10 – 20%, Adding an outdoor swimming pool only added 2%.
Of particular interest to us and our clients, a complete cosmetic redecoration was estimated to add 10 – 12% to the property’s value, representing excellent value for the money outlayed.
When the time does come for you to redecorate, we hope to have the chance to discuss how we could help.
With best wishes
Marlon Bulger Production Director Bulger Wicks
Tel: 020 8994 4455