Home Improvements – Do They Really Add Value To Your Property?

Home Improvements – Do They Really Add Value To Your Property?

What are the nation’s top 5 most wanted home improvements and most importantly, do they actually improve the price of your home?

According to Home Improvement’s research, many of the top status symbols admired and sought after by Brits are related to our homes, but are these home improvements practical and, maybe more importnantly, do they really add value to our properties?

In fifth place, we have a Wine Cellar. With the racks of old favorites and a cool atmosphere, this can be a calming and enjoyable home addition, trusting you already have a basement of some kind. Even so, you are looking to spend between £14,320 and a whopping £68,750 to install such an improvement. And as for any value addition, it is such a niche market that it’s difficult to say, depending on what you have replaced to install your Wine Cellar.

In fourth place, we have a Double Garage which can cost anywhere between £7,000 and £13,000 depending on your size and style (according to Rated People). But will this add value to your home? Well, a single garage can fetch you a neat 11% increase on your property’s total value and a double garage can increase it by up to 20%!

In third place, we have real wood flooring which has increased in attraction in recent years. As well as being stylish in many homes it has the added benefit of being easily renewed with a sand-down and polish. It can be a real selling point depending on your market which means that it can add real value to your property.

Second place is occupied by the good old-fashioned log-burner. Costing around £1,900 to install alone it isn’t everyone’s first port of call when thinking of home improvements but with 36% of owners in a recent Which? study claiming it saves them money year on year on heating bills it can be a smart economic decision. Does it add real world value however, the answer is unfortunately, probably not.

Last, and not least, the single most desired home improvement idea is The Walk-In Wardrobe. There is a lot of work involved in planning the space to use for the wardrobe as well as it’s design so that it is ideal for storing different kinds of clothes, shoes and other apparel. Surely this top-of-the-list home improvement will add real-world value to your home! Well, usually the creation of a walk-in wardrobe usually starts with the deletion of some space, quite often an entire spare bedroom, and as extra bedrooms (even small ones) are much higher on people’s priorities, adding one of these nice-to-haves can actually damage your property’s overall value.

Equity release can be an excellent way to generate funds quickly so as to make some of the home improvements we’ve discussed in this article. According to research by Key Advice* a huge 63% of all those releasing equity from their properties use part or all of their funds to renovate their existing home. If you’d like to learn more about the ins and outs of Equity Release head over to our Equity Release page.

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